when you are given possible answer choices, be sure to share them.
the desired function is
value = $150(1 + r)^t, where r is the interest rate as a decimal fraction, t is the number of years.
if the investment doubles, then we have:
$300 = $150(1 + 0.03)^t, and we need to solve for the number of years, t.
2 = 1.03^t
taking the natural log of both sides, we get:
ln 2 = t*ln 1.03
then t = # of years to double investment = = 23.45 years
the amount of money the collector's item is purchased for is 150
we are given
A collector’s item is purchased for $150
its value increases by 3% each year
t is time in years
Let's assume cost of item after t years is C(t)
so, we can use formula
now, we can plug values
so, equation is
so, we can set C(t)=300
and then we can solve for t
so, doubling time is 23.44977 years.........Answer
we can draw graph of