Question 880299
A rare car appreciates at a rate of 3.2% annually. If the current amount in 58,000, after how many years will its value exceed 75,000 mark? Also, show the formula that will model the value of the car after T years.
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Assuming it appreciates continuously,
{{{FV = PV*e^(rt)}}}
{{{75000 = 58000*e^(0.032t)}}}
{{{75/58 = e^(0.032t)}}}
0.032t = ln(75/58)
t = ln(75/58)/0.032 years
Calculator work from there