Acollector’s item is purchased for $150 and its value increases by 3% each year. which graph can be used to determine approximately how many years it will take for the value to double?

23.45 years

step-by-step explanation:

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the desired function is

value = $150(1 + r)^t, where r is the interest rate as a decimal fraction, t is the number of years.

if the investment doubles, then we have:

$300 = $150(1 + 0.03)^t, and we need to solve for the number of years, t.

2 = 1.03^t

taking the natural log of both sides, we get:

ln 2 = t*ln 1.03

                                                                          ln 2

then t = # of years to double investment = = 23.45 years

                                                                        ln 1.03