The function V(t)=1.50(1.17)^t represents the value V(t) in dollars, of a comic book t years after its purchase in 2000. What is the annual growth rate of the comic book? 1.50% 1.17% 17% 117%

Question

The function V(t)=1.50(1.17)^t represents the value V(t) in dollars, of a comic book t years after its purchase in 2000. What is the annual growth rate of the comic book? 1.50% 1.17% 17% 117%

Answer 1

To find the annual growth rate of the comic book's value, we need to look at the function \(V(t)=1.50(1.17)^{t}\). The function represents exponential growth, where the base of the exponent,

, indicates the growth factor per year.The growth factor can be converted to a percentage growth rate by subtracting 1 from the growth factor and then multiplying by 100. This is because the growth factor includes the original amount (100%) plus the percentage increase.Let's calculate the annual growth rate:

To find the growth rate as a percentage, subtract 1 from the growth factor:

Therefore, the annual growth rate of the comic book is **17%**.

Question

The function V(t)=1.50(1.17)^t represents the value V(t) in dollars, of a comic book t years after its purchase in 2000. What is the annual growth rate of the comic book? 1.50% 1.17% 17% 117%

Answer

Answer