Problem

In 2004 , an art collector paid $84,053,000 for a particular painting. The same painting sold for $30,000 in 1950. Complete parts (a) through (d). V(t)=30000×e0.147t
(Type an expression. Type integers or decimals for any numbers in the expression. Round to three decimal places as needed.)
b) Predict the value of the painting in 2024 .
$1,590,000,000
(Round to the nearest million as needed.)
c) Estimate the rate of change of the painting's value in 2024 .
dollar(s) per year.
(Round to the nearest million as needed.)

Answer

Expert–verified
Hide Steps
Answer

Final Answer: The value of the painting in 2024 is approximately $1,589,924,965.64 and the rate of change of the painting's value in 2024 is approximately $233,718,969.95 per year.

Steps

Step 1 :The value of the painting is given by the function V(t)=30000×e0.147t, where t is the number of years since 1950.

Step 2 :To find the value of the painting in 2024, we need to substitute t=20241950=74 into the function.

Step 3 :The value of the painting in 2024 is approximately $1,589,924,965.64.

Step 4 :To find the rate of change of the painting's value in 2024, we need to find the derivative of the function V(t) and then substitute t=74 into the derivative.

Step 5 :The derivative of V(t) is V(t)=30000×0.147×e0.147t.

Step 6 :The rate of change of the painting's value in 2024 is approximately $233,718,969.95 per year.

Step 7 :Final Answer: The value of the painting in 2024 is approximately $1,589,924,965.64 and the rate of change of the painting's value in 2024 is approximately $233,718,969.95 per year.

link_gpt