The hourly wage of workers was raised once a year and grew exponentially from $7.507.50 to $10.6710.67 in 8 years. What was the growth rate?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 62SE: A scientist begins with 100 milligrams of aradioactive substance that decays exponentially. After 35...
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The hourly wage of workers was raised once a year and grew exponentially from $7.507.50 to $10.6710.67 in 8 years. What was the growth rate?

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Step 1

Given the hourly wage of workers was raised once a year and grew exponentially from $7.50 to $10.67 in 8 years. 

Find what was the growth rate.

 

The exponential growth formula is P=P0ert,

where p0 be the initial value, r be the growth rate and t be the time. 

The formula used is the following.

lnex=x

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