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If it cost $3 to fill a gas tank in 1970, how much of the same tank could be filled with $3 in 2010? Average Gasoline Prices (per gallon) Price as a Percentage of 1990 Price Year Price 1960 $0.31 1970 $0.36 1980 $1.22 1990 $1.23 2000 $1.56 2010 $2.84 About of the same tank could be filled. (Type an integer or decimal rounded to two decimal places as needed.) 25.2% 29.3% 99.2% 100.0% 126.8% 230.9% Price Index (1990 = 100) 25.2 29.3 99.2 100.0 126.8 230.9

If it cost $3 to fill a gas tank in 1970, how much of the same tank could be filled with $3 in 2010? Average Gasoline Prices (per gallon) Price as a Percentage of 1990 Price Year Price 1960 $0.31 1970 $0.36 1980 $1.22 1990 $1.23 2000 $1.56 2010 $2.84 About of the same tank could be filled. (Type an integer or decimal rounded to two decimal places as needed.) 25.2% 29.3% 99.2% 100.0% 126.8% 230.9% Price Index (1990 = 100) 25.2 29.3 99.2 100.0 126.8 230.9

Advanced Engineering Mathematics
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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7. about thow much of the same tank could be filled

**Understanding Gasoline Price Trends Over Time** **Question:** If it cost $3 to fill a gas tank in 1970, how much of the same tank could be filled with $3 in 2010? To answer this question, let's examine the provided data on average gasoline prices over different years. **Average Gasoline Prices (per gallon)** | Year | Price | Price as a Percentage of 1990 Price | Price Index (1990 = 100) | |-------|-------|-------------------------------------|--------------------------| | 1960 | $0.31 | 25.2% | 25.2 | | 1970 | $0.36 | 29.3% | 29.3 | | 1980 | $1.22 | 99.2% | 99.2 | | 1990 | $1.23 | 100.0% | 100.0 | | 2000 | $1.56 | 126.8% | 126.8 | | 2010 | $2.84 | 230.9% | 230.9 | This table contains three main columns: 1. **Year:** Indicates the year of the recorded gasoline price. 2. **Price:** The average price per gallon of gasoline in that year. 3. **Price as a Percentage of 1990 Price:** The gasoline price relative to the 1990 price (set at 100%). 4. **Price Index (1990 = 100):** The index value with 1990's price as the baseline of 100. **Calculation:** To find out how much gasoline $3 could buy in 2010 compared to 1970, we perform the following steps: 1. **Determine the amount of gasoline $3 would buy in 1970:** - 1970 price per gallon = $0.36 - $3 / $0.36 per gallon = 8.33 gallons 2. **Determine the amount of gasoline $3 can buy in 2010:** - 2010 price per gallon = $2.84 - $3 / $2.84 per gallon ≈ 1.06 gallons 3. **Calculate the fraction of the tank that can be filled in 2010 compared to
Transcribed Image Text:**Understanding Gasoline Price Trends Over Time** **Question:** If it cost $3 to fill a gas tank in 1970, how much of the same tank could be filled with $3 in 2010? To answer this question, let's examine the provided data on average gasoline prices over different years. **Average Gasoline Prices (per gallon)** | Year | Price | Price as a Percentage of 1990 Price | Price Index (1990 = 100) | |-------|-------|-------------------------------------|--------------------------| | 1960 | $0.31 | 25.2% | 25.2 | | 1970 | $0.36 | 29.3% | 29.3 | | 1980 | $1.22 | 99.2% | 99.2 | | 1990 | $1.23 | 100.0% | 100.0 | | 2000 | $1.56 | 126.8% | 126.8 | | 2010 | $2.84 | 230.9% | 230.9 | This table contains three main columns: 1. **Year:** Indicates the year of the recorded gasoline price. 2. **Price:** The average price per gallon of gasoline in that year. 3. **Price as a Percentage of 1990 Price:** The gasoline price relative to the 1990 price (set at 100%). 4. **Price Index (1990 = 100):** The index value with 1990's price as the baseline of 100. **Calculation:** To find out how much gasoline $3 could buy in 2010 compared to 1970, we perform the following steps: 1. **Determine the amount of gasoline $3 would buy in 1970:** - 1970 price per gallon = $0.36 - $3 / $0.36 per gallon = 8.33 gallons 2. **Determine the amount of gasoline $3 can buy in 2010:** - 2010 price per gallon = $2.84 - $3 / $2.84 per gallon ≈ 1.06 gallons 3. **Calculate the fraction of the tank that can be filled in 2010 compared to
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