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 gallons2. **Determine the amount of gasoline $3 can buy in 2010:** - 2010 price per gallon = $2.84 - $3 / $2.84 per gallon ≈ 1.06 gallons3. **Calculate the fraction of the tank that can be filled in 2010 compared to

Here,$3 to fill a gas tank in 1970, $3 in 2010.

Answered: If it cost $3 to fill a gas tank in…

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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