The value of a vinyl record that Katie purchased in 2016 was $42.20. The value of the record was expected to increase by 3.25% per year. What is the projected value of the vinyl record in 2018?

The required projected value of the record in 2018 is $44.98

Given that, The value of a vinyl record that Katie purchased in 2016 was $42.20. The value of the record was expected to increase by 3.25% per year.

What is an exponential function?

The function which is in format f(x) =a^x where a is constant and x is variable, the domain of this exponential function lies (-∞, ∞).

Here, Let the value of the record after x years is given as, y = 42.20 [1 + 0.0325]ˣ Where x = year – 2016 Now put year = 2018 x = 2 y = 42.20[1.0325]²

y = 44.98

Thus, the required projected value of the record in 2018 is $44.98.

projected valueof the record in 2018 is $44.98The value of a vinyl record that Katie purchased in 2016 was $42.20. The value of the record was expected to increase by 3.25% per year.

## What is an exponential function?

functionwhich is in format f(x) =a^x where a isconstantand x isvariable, the domain of thisexponential functionlies (-∞, ∞).Let the value of the record after x years is given as,

y = 42.20 [1 + 0.0325]ˣ

Where x = year – 2016

Now put year = 2018

x = 2

y = 42.20[1.0325]²

projected valueof the record in 2018 is $44.98.exponential functionhere: