If the national economy shrank at an annual rate of 6% per year for four consecutive years, then the economy shrank by 24% ov
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Answer: The required function is f(t)=
where, 920 is the initial number of cars, the growth rate is 0.03, growth factor is 1.03, 4 t is number of periods and The quarterly rate of growth is 0.03 or 3%
Step-by-step explanation:
Here, car repair center services 920 cars in 2012 and the number of cars serviced increases quarterly at a rate of 12% per year after 2012.
Since, rate is 12 % annually, therefore, rate in quarterly = 12/4= 3%
If we have to find out the number of cars after t years then total number of quarters = 4t
Thus, the cars after t years,
f(t) = ( by the formula
)
or f(t)= ,
where 1.03 is the growth factor of the above exponential function.
And, initially t =0 therefore, f(0)= 920 which is the initial value of car.