The market value VVV, in pounds (£), of a limited-edition bronze sculpture is modelled by the equation
V=pqt V = pq^t V=pqtwhere ttt is the number of years since its initial release and ppp and qqq are constants.
A researcher records the market value over several years. The graph of log10V\log_{10} Vlog10V against ttt is a straight line that passes through the points (0,3.15)(0, 3.15)(0,3.15) and (12,5.07)(12, 5.07)(12,5.07).
Determine an equation for this line in the form log10V=mt+c\log_{10} V = mt + clog10V=mt+c.
Calculate the value of ppp and the value of qqq, giving your answers to 3 significant figures.
Use the model to estimate the number of years, ttt, until the sculpture reaches a value of £50,000.
278 exam-style questions on CCEA A Level Maths 2.5 Data presentation and interpretation, covering 2.5.1 Data presentation and interpretation, 2.5.2 Data presentation and interpretation, 2.5.3 Data presentation and interpretation, 2.5.4 Data presentation and interpretation, 2.5.5 Data presentation and interpretation, 2.5.6 Data presentation and interpretation, 2.5.7 Data presentation and interpretation, 2.5.8 Data presentation and interpretation, 2.5.9 Data presentation and interpretation, and 2.5 Data presentation and interpretation. Each one has a worked solution and a mark scheme showing where the marks go.