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The value of a particular item can be modeled by P(t)= Po(a) where P is in dollars and t is the number of years since the item was purchased. Suppose the value of the item increases 9% each year and the item was purchased for $25. (a) Write a formula for P(t) using the general exponential model. P(t) = (b) How fast is the value of the item increasing when t= 15 years? Round your answer to two decimal places. dollars/year

The value of a particular item can be modeled by P(t)= Po(a) where P is in dollars and t is the number of years since the item was purchased. Suppose the value of the item increases 9% each year and the item was purchased for $25. (a) Write a formula for P(t) using the general exponential model. P(t) = (b) How fast is the value of the item increasing when t= 15 years? Round your answer to two decimal places. dollars/year

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 29PT: A radiation safety officer is working with 112 grams of a radioactive substance. After 17 days,...
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The value of a particular item can be modeled by P(t) = Po(a)t where P is in dollars and t is the number of years since the item was purchased. Suppose the value of the item increases 9% each year and the item was purchased for $25. (a) Write a formula for P(t) using the general exponential model. P(t) = (b) How fast is the value of the item increasing when t = 15 years? Round your answer to two decimal places. dollars/year
Transcribed Image Text:The value of a particular item can be modeled by P(t) = Po(a)t where P is in dollars and t is the number of years since the item was purchased. Suppose the value of the item increases 9% each year and the item was purchased for $25. (a) Write a formula for P(t) using the general exponential model. P(t) = (b) How fast is the value of the item increasing when t = 15 years? Round your answer to two decimal places. dollars/year
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