Problem
1 answer:
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Answer:
It cost $0.91 10 years ago.
It takes 10.24 years for the cost of bread to double.
Step-by-step explanation:
The equation for the price of bread after t years has the following format:
In which P(0) is the current price, and r is the inflation rate, as a decimal.
If we want to find the price for example, 10 years ago, we find P(-10).
Inflation is at a rate of 7% per year. Evan's favorite bread now costs $1.79.
This means that . So
What did it cost 10 years ago?
It cost $0.91 10 years ago.
How long before the cost of the bread doubles?
This is t for which P(t) = 2P(0) = 2*1.79. So
It takes 10.24 years for the cost of bread to double.
this is written as
change the greater than or equal to sign to equal to in order to solve it
thus
dividing through by 2
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