In 1982 the inflation rate hit 16%. Suppose that the average cost of a textbook in 1982 was $15. What was the expected cost in the year 2017 if we project this rate of inflation on the cost? (Assume continuous compounding. Round your answer to the nearest cent.) If the average cost of a textbook in 2012 was $105, what is the actual inflation rate (rounded to the nearest tenth percent)? % Need Help? Read It

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
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In 1982 the inflation rate hit 16%. Suppose that the average cost of a textbook in 1982 was $15. What was the expected cost in
the year 2017 if we project this rate of inflation on the cost? (Assume continuous compounding. Round your answer to the nearest
cent.)
2$
If the average cost of a textbook in 2012 was $105, what is the actual inflation rate (rounded to the nearest tenth percent)?
|%
Need Help?
Read It
Transcribed Image Text:In 1982 the inflation rate hit 16%. Suppose that the average cost of a textbook in 1982 was $15. What was the expected cost in the year 2017 if we project this rate of inflation on the cost? (Assume continuous compounding. Round your answer to the nearest cent.) 2$ If the average cost of a textbook in 2012 was $105, what is the actual inflation rate (rounded to the nearest tenth percent)? |% Need Help? Read It
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