a movie ticket used to cost $4.25 back in 1990. inflation exist because products increase in value over time. the inflation rate

Question

9 months ago

7

is about 3.5% in what year can we expect the price of a movie ticket to exceed $5.50

1 answer:

Andrews [41] · Answer 1 · 2024-07-14T00:00:44+03:00

In the year 1998, movie tickets will be greater than $5.50 as determined by solving the equation y=4.25[(1.035)^x].

What is an equation?

Math can be used to analyze an equation or a set of equations.
An equation is a sentence that maintains the equivalence of two expressions. Most of the time, it is easy to solve the arithmetic equations given in an exact manner.
While perfect solutions can occasionally be found, it is more typical to find approaches that are just as accurate. It speaks to the particular guidelines for quadratic mathematical equations.

A movie ticket cost $4.25 in 1990.

The inflation rate is about 3.5%

Rate increased ,r=100%+3.5%=103.5%=1.035

equation generated is,

y=4.25[(1.035)^x]

Solving the equation for each year, we get the following data:

Tabulating the data

Year cost

1990 4.25

1991 ....

.... ....

1998 5.5964~ 5.6

In the year 1998, the will be greater than $5.50.

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