T206 Wagner Baseball Card. In 1909, thePittsburgh Pirates shortstop Honus Wagnerforced
Chapter 5, Problem 16(choose chapter or problem)
T206 Wagner Baseball Card. In 1909, thePittsburgh Pirates shortstop Honus Wagnerforced the American Tobacco Company to withdrawhis baseball card that was packaged withcigarettes. Fewer than 60 of the Wagner cardsstill exist. In 1971, a Wagner card sold for $1000;and in September 2007, a card in near-mint conditionwas purchased for a record $2.8 million(Source: USA Today, 9/6/07; Kathy Willens/AP).Assuming that the value W0 of the baseballcard has grown exponentially:a) Find the value of k, and determine theexponential growth function, assumingW0 = 1000 and t is the number of yearssince 1971.b) Estimate the value of the Wagner card in2011.c) What is the doubling time for the value ofthe card?d) After how long will the value of the Wagnercard be $10.8 million, assuming there is nochange in the growth rate?
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