that's what I ended up with from this math problem:
Vincent Van Gogh's painting ''Irises'' was auctioned for $53.9 million dollars in 1987. Suppose that it was sold for $50 in 1889, when it was painted. Assuming exponential growth, by what percent did it's value increase each year?
my work:
P(start)=50 r(rate)=? n(how many payments in a year)=1 t(time in years)=98 A(amount now)=53.9 mil
compound interest formula: P(1+r/n)^nt = A
50(1+r/1)^(1x98) = 53.9 mil
50(1+r)^98 = 53.9 mil
50+50r^98= 53..9 mil
50r^98 = 53899950
r^98 = 1077999
and then I'm stuck
...
I'm not sure if I did it correctly to end up needing to solve r^98 though... if anyone is solves this problem differently, please show how you did it! :)
thanks in advance to those who answer!!!
How to solve for r in r^98 = 1077999?hijackthis
get a scientific calculator and put in 98Radical10077999
How to solve for r in r^98 = 1077999?malware
use logarithms...
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