The value of a vintage car over time is represented by the function v(t)=24,300(1.37)t , where t is the time in years. what is the rate of increase? enter your answer in the box.

0.37 or 37%

Step-by-step explanation:

I believe you meant to put

The key thing here is look at the rate and we can do so by looking at the equation:

Where the initial amount the car was worth was $24,000.  Now focus on the middle part of the equation (1 + r), 1 in this case means 100% of what the car is worth plus the interest rate.  Simply put, to find out the rate we just need to subtract 1.37 - 1 = 0.37, meaning 37% (since 0.37 × 100 = 37%).  This means that the car will increase in value by 37% every year, which is ridiculous!