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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
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...
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* 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.
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.
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