Question

Plz help!!!

An antique painting is purchased in 2004 for $995. The value increases by 3.1% every year.

a) Write an equation that models the value of the painting after 1 years.

b) When will the painting reach a value of $2000?

Answer 1

≈ 23 years

Explanation:

Initial price= $995

Value increase= 3.1%

a) $995 +3.1%= $995*1.031= $1025.85

b) $995*1.031^x= $2000

1.031^x= 2000/995

1.031^x= 2.01

x= log 2/log 1.031= 22.7 ≈ 23 years