Answer:
Step-by-step explanation:
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Use the line graph to solve.
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We need to find the interest rate in order to solve this problem:
.12/12 = (.01)
The number of years is unknown. T represents time in the following formula:
1000 (initial investment)
2000 (balance after t years from investment)
=$2000
In order to isolate the exponential term, both sides must be divided by 1000.
=2
By using natural logarithm:
By dividing both sides of the equation by
Answer:
The cost in 2015 will be $283.45.
What is the reference point (t=0)?
d. The year 2005.
Step-by-step explanation:
The exponential growth model for the cost is the following:
In which C(t) is the cost after t years, is the initial cost and r is the decimal inflation rate
In this problem, we have that:
What will it cost in 2015 assuming the rate of inflation remains constant?
2015 is 10 years after 2005, so this is C(10).
The cost in 2015 will be $283.45.
The reference point is the year in which t = 0, so the year 2005.