The Percentage increase in the purchase price each year is 4.5%.
The given function is:
[tex]V(t)=P(1.045)^t[/tex]
Where P is the purchase price of the baseball card and t is the time.
A function is a rule that establishes a relation between two variables.
[tex]V(1)=P(1.045)^1\\V(1)=1.045P[/tex]
[tex]V(2)=P(1.045)^2\\V(2)=1.092025P[/tex]
Percentage increase in the purchase price each year
=[tex]\frac{V(2)-V(1)}{V(1)} *100[/tex]
[tex]=\frac{1.092025P-1.045P}{1.045P} *100[/tex]
[tex]=4.5%[/tex]%
Hence, the Percentage increase in the purchase price each year is 4.5%.
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