| An investment provides an income stream of 1000(0.95), dollars per year. How much is received in the first 10 years? : The production function for a given oil well is rate(1)=400(0.9)t with time measured in years and production measured in millions of barrels of oil. a. How much oil is produced in the first year? b. How much oil is produced in the tenth year? c. If we need to produce 75 thousand barrels of oil per year for the well to be financially viable, what is the life of the well? 81.45 years
| An investment provides an income stream of 1000(0.95), dollars per year. How much is received in the first 10 years? : The production function for a given oil well is rate(1)=400(0.9)t with time measured in years and production measured in millions of barrels of oil. a. How much oil is produced in the first year? b. How much oil is produced in the tenth year? c. If we need to produce 75 thousand barrels of oil per year for the well to be financially viable, what is the life of the well? 81.45 years
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter5: Exponential And Logarithmic Functions
Section5.2: Applications Of Exponential Functions
Problem 43E
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