A consumer group in one city compares the costs of goods and services in that city over various years, and uses 1970 as a base. The same goods and services that cost $100 in 1970 cost $42 in 1941. Assuming the exponential-decay model, find the value of k, and write the equation. Round the value of k to the nearest thousandth. Let t be the number of years before 1970.

A consumer group in one city compares the costs of goods and services in that city over various years, and uses 1970 as a base. The same goods and services that cost $100 in 1970 cost $42 in 1941. Assuming the exponential-decay model, find the value of k, and write the equation. Round the value of k to the nearest thousandth. Let t be the number of years before 1970.

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.4: Geometric Sequences And Series

Problem 6SC

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