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Sue has a lamp from her great-grandmother. She has it appraised and fins it is worth $1000. She wants to sell it, but the appraiser tells her that the value is appreciating by 8% per year. In how many years will the value of the lamp be 2000?

Respuesta :

abidemiokin

The required number of years is 9 years.

Exponential function

The formula for finding the exponential function is expressed as:

  • y = a(1+r)^x

Substituting the given information, we will have:

2000 = 1000 (1+0.08)^x

2 =  1.08^x

x is the time taken

Take the ln of both sides

ln 2 = x ln1.08

0.6931 = 0.07696x

x = 0.6931/ 0.07696

x = 9

Hence the required number of years is 9 years.

Learn more on exponential function here: https://brainly.com/question/12940982

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