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I would just like to confirm that I'm doing this correctly. If not, any help would be appreciated. Thanks!

The problem:

A painting sold for $$274 in 1977 and was sold again in 1987 for $470. Assume that the growth in the value V of the collector’s item was exponential.

Find the value k of the exponential growth rate. Assume $V_0$ = 274

My attempt at solving it:


$k = 0.054$ (rounded to the nearest thousandth)

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The answer is correct. – André Nicolas Mar 7 '14 at 21:56

Your answer is correct. The exact value would be

$$k = \frac{1}{10}\ln{\left(\frac{470}{274}\right)}$$

which approximates to: $k \approx 0.054$ as you said. Well done.

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