Question

Art galleries sell paintings for a wide range of prices, based on popularity of the artwork. Data collected on the sales of paintings were used to calculate the model ŷ = 1.18(1.027)x, where x represents the age of the painting in years and ŷ represents its predicted selling price in thousands of dollars. Predict the selling price for a work that was painted 80 years ago.

$9,943
$47,446
$4,744,561
$9,943,001

Answer 1

@midnight97

Answer 2

Alright on it

Answer 3

So they've given us our model and our first step is to plug in the age of the painting
y=1.18(1.027)^80

Answer 4

Alright...makes sense so far.

Answer 5

After this I am going to have to clean my dogs

Answer 6

I don't think there's an exponent there. I just see the multiplication. In which case the problem is as simple as multiplying across

Answer 7

Y=1.18(1.027)^80 =9.943001275

Answer 8

But that answer makes more sense than multiplying so let's go with that

Answer 9

To convert from thousands of dollars to just dollars, you'll multiply that by 1000

Answer 10

Which gives us 9943.001275

Answer 11

So it would be D then, since that's the closest.

Answer 12

It's A, that's the closest

Answer 13

Let me work please

Answer 14

Sorry

Answer 15

But it is A

Answer 16

....yeah that makes more sense that it'd be the smaller number-

Answer 17

Oi my head

Answer 18

Onto the next question

Answer 19

...crying

Answer 20

And give my head a bit

Answer 21

I don't really have a bit, so is there anyone else online that's good at math that can help me?

Answer 22

I would hope I'm decent at math

Answer 23

Statistics specifically?

Answer 24

You know what, let's keep on

Answer 25

My head can wait

Answer 26

Chances are that I can at least help, I did a lot of math for my undergrad in physics

Answer 27

Alright if you're sure