The British Guiana 1c magenta stamp is considered the world's most famous stamp. It was issued...

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The British Guiana 1c magenta stamp is considered the world's most famous stamp. It was issued in 1856, and only one of these stamps is known to exist. The sale of this stamp has broken the record for a single auction price four times. In 1980, John E. DuPont bought the stamp for $935,000. On June 17, 2014, The DuPont estate sold the stamp at Sotheby's auction in New York for a record price of $9,480,000. Assuming that the value S of the stamp has grown exponentially: a. If exponential growth is modeled by the function: P(t) = Pe, where P, is the initial amount, k is the growth rate, and t is measured in years, find the value of k and determine the exponential growth function for the stamp's value S and t is the number of years after 1980. b. Estimate the value of the stamp in 2021. c. What is the doubling time for the value of the stamp? (Doubling Time: years it took the stamp to double in value from its starting amount) d. After how long will the value of the stamp be $12 million, assuming that there is no change in the growth rate? The British Guiana 1c magenta stamp is considered the world's most famous stamp. It was issued in 1856, and only one of these stamps is known to exist. The sale of this stamp has broken the record for a single auction price four times. In 1980, John E. DuPont bought the stamp for $935,000. On June 17, 2014, The DuPont estate sold the stamp at Sotheby's auction in New York for a record price of $9,480,000. Assuming that the value S of the stamp has grown exponentially: a. If exponential growth is modeled by the function: P(t) = Pe, where P, is the initial amount, k is the growth rate, and t is measured in years, find the value of k and determine the exponential growth function for the stamp's value S and t is the number of years after 1980. b. Estimate the value of the stamp in 2021. c. What is the doubling time for the value of the stamp? (Doubling Time: years it took the stamp to double in value from its starting amount) d. After how long will the value of the stamp be $12 million, assuming that there is no change in the growth rate?

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A From the given exponential boom model Pt Po ekt We recognise that in 1980 the stamp was offered fo... View the full answer