Question

In 2010 an item cost $9.00. The price increase by 1.5% each

Answer 1

Answer:

Step-by-step explanation:

Let P be price after t year . From the formula of compounding

P = 9 $(1.015)^t$

Taking log to the base e on both sides

ln P = ln 9 + t ln 1.015

= (2.197 + .0149t )

P = $e^{(2.197+.0149t)}$