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The value V (in dollars) of a tract of timber can be modeled by V =...

The value V (in dollars) of a tract of timber can be modeled by

V = 110,000e0.65√t,

where t = 0 corresponds to 1990. If money earns interest at a rate of 5% compounded continuously, then the present value A of the timber at any time t is

A = Ve−0.05t.

Find the year in which the timber should be harvested to maximize the present value.

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