Suppose that inflation in this country is an example of continuous exponential growth. Consider an item that cost $230 in the year 2016. Suppose that the cost for that same item in 2020 had increased to $252. a) What is the rate of inflation as an exponential growth rate? Rate = 2.3100 X o 2.284 % per year (Give a percent rounded to at least 3 decimal places} b) If this inflation continues, in what year will the cost of the item reach $300? Give a specific year rounded to at least 1 decimal place. Year =
Suppose that inflation in this country is an example of continuous exponential growth. Consider an item that cost $230 in the year 2016. Suppose that the cost for that same item in 2020 had increased to $252. a) What is the rate of inflation as an exponential growth rate? Rate = 2.3100 X o 2.284 % per year (Give a percent rounded to at least 3 decimal places} b) If this inflation continues, in what year will the cost of the item reach $300? Give a specific year rounded to at least 1 decimal place. Year =
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 8RE: Suppose an investment account is opened with aninitial deposit of 10,500 earning 6.25...
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i used the fomula y=ab^x but I keep getting it wrong, is there a different formula I should be using?
Transcribed Image Text:Suppose that inflation in this country is an example of continuous exponential growth. Consider an item
that cost $230 in the year 2016. Suppose that the cost for that same item in 2020 had increased to $252.
a) What is the rate of inflation as an exponential growth rate?
Rate = 2.3100
X o 2.284 % per year (Give a percent rounded to at least 3
decimal places}
b) If this inflation continues, in what year will the cost of the item reach $300? Give a specific year
rounded to at least 1 decimal place.
Year =
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