4 On 1 January 1900, a sculpture was valued at \(\pounds 80\).
When the sculpture was sold on 1 January 1956, its value was \(\pounds 5000\).
The value, \(\pounds V\), of the sculpture is modelled by the formula \(V = A k ^ { t }\), where \(t\) is the time in years since 1 January 1900 and \(A\) and \(k\) are constants.

1. Write down the value of \(A\).
2. Show that \(k \approx 1.07664\).
3. Use this model to:
   1. show that the value of the sculpture on 1 January 2006 will be greater than £200 000;
   2. find the year in which the value of the sculpture will first exceed \(\pounds 800000\).