Solve.
-Susan purchased a painting in the year 2000 for $\$ 7000$. Assuming an exponential rate of inflation of $2.9 \%$ per year, how much will the painting be worth 8 years later?
A) $\$ 7812.90$
B) $\$ 8827.84$
C) $\$ 4891.02$
D) $\$ 9176.03$

Question

Quizplus · Accepted Answer

The value of the painting after 8 years can be calculated using the formula for exponential growth: $V = P(1 + r)^t$, where $V$ is the future value, $P$ is the principal amount (\$7000), $r$ is the annual rate of inflation (2.9% or 0.029), and $t$ is the time in years (8). Plugging in the values, we get $V = 7000(1 + 0.029)^8$, which calculates to approximately \$8827.84.

Solve -Susan Purchased a Painting in the Year 2000 For $7000\$ 7000$7000

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-Susan Purchased a Painting in the Year 2000 For $\$ 7000$