The original value of a painting is $9,000. It appreciates at a rate of 7% each year.
Write an exponential function to represent this situation. Define your variable.
Let y represent the value of the painting after x years.
The exponential function that represents the situation is:
y = 9000(1 + 0.07)^x
Where:
y = value of the painting after x years
x = number of years
9000 = original value of the painting
0.07 = 7% rate of appreciation