One statistic says that inflation in the US (on average) has grown by 4% per year since the late 1960's. If the average annual income in 1967 was $7,300 choose the correct formula for the sequence of an that gives the value of the same job in today's dollars, n years after 1966.

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
icon
Related questions
Question
One statistic says that inflation in the US (on average) has grown by 4% per year
since the late 1960's.
If the average annual income in 1967 was $7,300 choose the correct formula for the
sequence of an that gives the value of the same job in today's dollars, n years after
1966.
O an =7,300 + .04n
a,=7,300(1.04)yr-1
an=7,300 + .04(n-1)
Oa, = 7,300(0.04)"
Oan = 7,300+ 1.04(n–1)
O an = 7,300 + 1.04n
an
7,300(1.04)"
Transcribed Image Text:One statistic says that inflation in the US (on average) has grown by 4% per year since the late 1960's. If the average annual income in 1967 was $7,300 choose the correct formula for the sequence of an that gives the value of the same job in today's dollars, n years after 1966. O an =7,300 + .04n a,=7,300(1.04)yr-1 an=7,300 + .04(n-1) Oa, = 7,300(0.04)" Oan = 7,300+ 1.04(n–1) O an = 7,300 + 1.04n an 7,300(1.04)"
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill