The Value of a Piece of Property Doubles Every 16 $V ( t ) = 50,000 ( 2 ) ^ { t / 16 }$

Multiple Choice

The value of a piece of property doubles every 16 years. You buy the property for $50,000. Its value t years after the date of purchase should be $V ( t ) = 50,000 ( 2 ) ^ { t / 16 }$ . Use the model to approximate (to the nearest thousand dollars) the value of the property after 4 years.

A) $50,000
B) $6,400,000
C) $75,000
D) $59,000
E) $100,000