Abby owns a comic book that originally sold for 12¢ in 1969. in 2014, the comic book had an appraised valued of $3,700. given that the annual percentage rate has been constant, what is the annual percentage rate of growth? a) 23.28% b) 25.82% c) 26.33% d) 28.94%

B)  25.82%

Explanation:

This equation will be in the form

,

where a is the initial value, x is the number of time periods and r is the annual rate of growth.

We know the initial value, a, is 0.12.

We know that x, the amount of time, is 2014-1969 = 45.

We know that y, the total value, is 3700.  

This gives us the equation

Divide both sides by 0.12:

To find this, we must next take the 45th root.  This is the same as raising to the power of 1/45:

Subtract 1 from each side:

1.2582-1 = 1+r-1

0.2582 = r

To convert this to a percent, multiply by 100:

0.2582(100) = 25.82%

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step-by-step explanation:

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