A book is worth $7.00 today, and its value grows at a rate of 9% per year. How long until the comic is worth $20?
Every year that you own this comic book, it will appreciate 9%. So, you will multiply the initial amount by 1.09 every year. This works out to a fairly straightforward equation.
Assuming Y is the resulting value (after appreciation), x is the number of years, A is the initial value, and r is...
(The entire section contains 154 words.)
check Approved by eNotes Editorial