Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Get quick and reliable answers to your questions from a dedicated community of professionals on our platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.
Sagot :
Answer:
A) 1 = 0.16 = 16%
2) $4.69
B) 1 = 0.04 = 4%
2) $4.76
Step-by-step explanation:
A gallon of milk that cost $3.89 a year ago now costs $4.05.
A. Linear Growth rate formula:
P(t) = Po + rt
P(t) = Cost After t years = $4.05
Po = Initial cost = $3.89
1) If the cost is increasing linearly, what is the growth rate?
When t = 1
P(t) = Po + rt
4.05 = 3.89 + r × 1
r = 4.05 - 3.89
r = 0.16
Converting to percentage
= 0.16 × 100
= 16%
2) If the cost kept increasing in the same way, what will the milk cost 5 years from now?
P(t) = Po + rt
P(t) = 3.89 + 0.16 × 5
P(t) = 3.89 + 0.8
P(t) = 4.69
= $4.69
B. Exponential growth rate formula
P(t) = Po (1 + r)^t
If the cost is increasing exponentially, what is the growth rate?
1) when t = 1
P(t) = Cost After t years = $4.05
Po = Initial cost = $3.89
4.05 = 3.89 (1 + r)
Divide both sides by 3.89
4.05/3.89 = 3.89(1 + r)/3.89
1.0411311054 = 1 + r
r = 1.0411311054 - 1
r = 0.0411311054
Approximately = 0.04
Converting to Percentage
= 4%
2) What will the milk cost in 5 years?
P(t) = 3.89 (1 + r)^t
P(t) = 3.89 (1 + 0.0411311054)⁵
= $4.7585727225
Approximately = $4.76
We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.
