Using an exponential function, it is found that it's annual growth rate is of 4%.
An increasing exponential function is modeled by:
[tex]A(t) = A(0)(1 + r)^t[/tex]
In which:
In this problem, the card appreciates exponentially in value by 50% over 10 years, hence:
A(10) = 1.5A(0).
Thus:
[tex]A(t) = A(0)(1 + r)^t[/tex]
[tex]1.5A(0) = A(0)(1 + r)^{10}[/tex]
[tex](1 + r)^{10} = 1.5[/tex]
[tex]\sqrt[10]{(1 + r)^{10}} = \sqrt[10]{1.5}[/tex]
1 + r = 1.04.
r = 0.04.
0.04 x 100% = 4%.
It's annual growth rate is of 4%.
More can be learned about exponential functions at https://brainly.com/question/25537936
