grandma gigi gave leyla a rare purple stone for her sweet 16 birthday. at that time,the stone was worth$245. it has been increasing in value by the same percentage each year, when Leyla turned 21, the stone was worth $560.50. if s(t) represents the value in dollars of the stone t years after grandma Gigi gave it Leyla determine the value of a and r if s(t)=a(r)
Accepted Solution
A:
This is a compound interest problem, therefore s(t) should be in the form: [tex]s(t) = a(r)^{t} [/tex]
where: t = time in years s(t) = the value of your item after t years a = the initial value of your item r = rate