An economist tracks the price of a certain item at the beginning of several years and compiles the following table. Year 2013 2014 2015 2016 Price in dollars 265.50 273.47 281.67 290.12 (a) Show that the price is growing as an exponential function. (Let P be the price in dollars and t the time in years since 2013.) Calculate the ratios of new price/old price. (Round your answers to two decimal places.) P1 = P0 P2 = P1 P3 = P2Does the table show exponential data? YesNo (b) Find an exponential model for the data. (Round the values to two decimal places. Let t be the time in years since 2013.) P = 290.12 × 0.97t P = 304.21 × 0.83t P = 265.50 × 1.03t P = 260.00 × 1.12t P = 93.12 × 1.35t (c) At the beginning of some year, the price will surpass $325. Use the model found in part (b) to determine which yea
An economist tracks the price of a certain item at the beginning of several years and compiles the following table. Year 2013 2014 2015 2016 Price in dollars 265.50 273.47 281.67 290.12 (a) Show that the price is growing as an exponential function. (Let P be the price in dollars and t the time in years since 2013.) Calculate the ratios of new price/old price. (Round your answers to two decimal places.) P1 = P0 P2 = P1 P3 = P2Does the table show exponential data? YesNo (b) Find an exponential model for the data. (Round the values to two decimal places. Let t be the time in years since 2013.) P = 290.12 × 0.97t P = 304.21 × 0.83t P = 265.50 × 1.03t P = 260.00 × 1.12t P = 93.12 × 1.35t (c) At the beginning of some year, the price will surpass $325. Use the model found in part (b) to determine which yea
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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An economist tracks the price of a certain item at the beginning of several years and compiles the following table.
| Year | 2013 | 2014 | 2015 | 2016 |
|---|---|---|---|---|
| Price in dollars | 265.50 | 273.47 | 281.67 | 290.12 |
(a) Show that the price is growing as an exponential function. (Let P be the price in dollars and t the time in years since 2013.)
Calculate the ratios of new price/old price. (Round your answers to two decimal places.)
Does the table show exponential data?| P1 | = | |
| P0 |
| P2 | = | |
| P1 |
| P3 | = | |
| P2 |
YesNo
(b) Find an exponential model for the data. (Round the values to two decimal places. Let t be the time in years since 2013.)
P = 290.12 × 0.97t
P = 304.21 × 0.83t
P = 265.50 × 1.03t
P = 260.00 × 1.12t
P = 93.12 × 1.35t
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