The company that produces Cliffs Notes (abridged versions of classic literature) was started in 1958 with $4000 and sold in 1998 for $14,000,000. Find the annual percent increase in the value of this company over the 40 years. Round your answer to one decimal place. The value of the company increased at an average rate of i 20.4 % per year.
The company that produces Cliffs Notes (abridged versions of classic literature) was started in 1958 with $4000 and sold in 1998 for $14,000,000. Find the annual percent increase in the value of this company over the 40 years. Round your answer to one decimal place. The value of the company increased at an average rate of i 20.4 % per year.
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
Related questions
Question
![* Your answer is incorrect.
The company that produces Cliffs Notes (abridged versions of classic literature) was started in 1958 with $4000 and sold in 1998 for
$14,000,000. Find the annual percent increase in the value of this company over the 40 years.
Round your answer to one decimal place.
The value of the company increased at an average rate of i
eTextbook and Media
Hint
20.4
% per year.
Assistance Used
Since we are looking for an annual percent increase, we use an exponential function V = Cat. Use the two points to find the
values of a and C assuming that t = 0 corresponds to the year the company was started, 1958. Note that if r is the percent
increase in decimal form, then r satisfies a = 1 + r.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c8f60c8-0e6b-4dfd-8761-02961214ab97%2Fd537b793-0ddf-4b16-9105-ef6852820b76%2Fmx1fhsa_processed.png&w=3840&q=75)
Transcribed Image Text:* Your answer is incorrect.
The company that produces Cliffs Notes (abridged versions of classic literature) was started in 1958 with $4000 and sold in 1998 for
$14,000,000. Find the annual percent increase in the value of this company over the 40 years.
Round your answer to one decimal place.
The value of the company increased at an average rate of i
eTextbook and Media
Hint
20.4
% per year.
Assistance Used
Since we are looking for an annual percent increase, we use an exponential function V = Cat. Use the two points to find the
values of a and C assuming that t = 0 corresponds to the year the company was started, 1958. Note that if r is the percent
increase in decimal form, then r satisfies a = 1 + r.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
Can you clarify what formula this is? (V=C1+rt)
Solution
Recommended textbooks for you
![Calculus: Early Transcendentals](https://www.bartleby.com/isbn_cover_images/9781285741550/9781285741550_smallCoverImage.gif)
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
![Thomas' Calculus (14th Edition)](https://www.bartleby.com/isbn_cover_images/9780134438986/9780134438986_smallCoverImage.gif)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
![Calculus: Early Transcendentals (3rd Edition)](https://www.bartleby.com/isbn_cover_images/9780134763644/9780134763644_smallCoverImage.gif)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
![Calculus: Early Transcendentals](https://www.bartleby.com/isbn_cover_images/9781285741550/9781285741550_smallCoverImage.gif)
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
![Thomas' Calculus (14th Edition)](https://www.bartleby.com/isbn_cover_images/9780134438986/9780134438986_smallCoverImage.gif)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
![Calculus: Early Transcendentals (3rd Edition)](https://www.bartleby.com/isbn_cover_images/9780134763644/9780134763644_smallCoverImage.gif)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
![Calculus: Early Transcendentals](https://www.bartleby.com/isbn_cover_images/9781319050740/9781319050740_smallCoverImage.gif)
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
![Precalculus](https://www.bartleby.com/isbn_cover_images/9780135189405/9780135189405_smallCoverImage.gif)
![Calculus: Early Transcendental Functions](https://www.bartleby.com/isbn_cover_images/9781337552516/9781337552516_smallCoverImage.gif)
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning