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You paid A for a painting at an art auction.


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You paid £A for a painting at an art auction.The market price P will increase in the future at the rate of e√K  from the price you paid,£A, and where k is the length of time for which you keep the painting. As time passes you will become increasingly bored with the painting, and hence, to you, it is personally worth less and less with the passage of time.The personal worth to you of the painting is determined by W=Pe-rk , where W is the personal worth, P is the market price of the painting time k and r is the continuously compounded discount rate.How long should the painting be kept for, to maximise W? Describe the steps you took to find the answer.

 


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