The projected value (in millions of dollars) of a large manufacturing company is modeled by the function V(t)=230(1.12)t𝑉(𝑡)=230(1.12)𝑡, where V(t)𝑉(𝑡) is the value of the company t𝑡 years after 2018. What does 230230 represent in the function?
Question
The projected value (in millions of dollars) of a large manufacturing company is modeled by the function V(t)=230(1.12)t𝑉(𝑡)=230(1.12)𝑡, where V(t)𝑉(𝑡) is the value of the company t𝑡 years after 2018. What does 230230 represent in the function?
Solution
The 230 in the function V(t) = 230(1.12)^t represents the initial value of the company in millions of dollars in the year 2018.
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