Solve.A painting was sold in 1985 for $ 1 million. The painting was then resold in 1996 for $ 8 million. Assume that the painting's value increases exponentially. Find the exponential growth rate k, and determine the exponential growth function, assuming V0 = 1. (Round decimals to three places.)
A. k = 0.173; V(t) = 1e0.173t, where V(t) is in millions and t is the number of years after 1985.
B. k = 0.189; V(t) = 1e0.189t, where V(t) is in millions and t is the number of years after 1997.
C. k = 0.189; V(t) = 1e0.189t, where V(t) is in millions and t is the number of years after 1985.
D. k = 0.189; V(t) = 1e0.189, where V(t) is in millions and t is the number of years after 1985.
Answer: C
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