Answer:
y = a(1 + r) ^v
y = 6200( 1 + 0.05)^v
y = 6200(1.05)^v
Explanation:
Fred purchased a piece of artwork for 6200, and it is expected to increase in value by 5% per year. Write a function y to represent the value of the piece of artwork after v years.
The function we can used to represent the above question is given as Exponential Growth function.
Where the number of years = v
The value of the artwork = y
y = a(1 + r) ^v
Where
a = Initial value of the artwork = 6200
r = Growth rate = 5% = 0.05
v = number of years
Therefore, the function y to represent the value of the piece of artwork after v years is written as:
y = 6200( 1 + 0.05)^v
y = 6200(1.05)^v