Question

In 2000, the average price of a football ticket for a Minnesota Vikings game was $48.28. During the next 20 years, the price increased an average of 6% each year. Write a model giving the annual price p (in dollars) of a ticket t in years after 2000.

Answer 1

$y = 48.28(1.06)^t$ is the model giving the annual price p (in dollars) of a ticket t in years after 2000 is found

Solution:

Given that,

In 2000, the average price of a football ticket for a Minnesota Vikings game was $48.28

During the next 20 years, the price increased an average of 6% each year

The increasing function is given by:

$y = a(1+r)^t$

Where,

y is the value after t years

t is the number of years

a is the initial value

r is rate of increase in decimal

From given,

a = 48.28

$r = 6 \% = \frac{6}{100} = 0.06$

Substituting the values we get,

$y = 48.28(1+0.06)^t\\\\y = 48.28(1.06)^t$

Thus the model giving the annual price p (in dollars) of a ticket t in years after 2000 is found