AM-1214

Exponential and logarithmic models

A Math · Secondary 4 · Medium · Exponential and logarithmic models

A sum of money is invested in a fund. Its value, in dollars, is modelled by

V = V_0 k^t

, where

V_0

is the initial value,

k

is a constant and

t

is the time in years. When

t = 4

V = 1800

, and when

t = 10

V = 4860

.

Using base-10 logarithms, what is the value of

k

, correct to 3 significant figures?

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