a)The cost of first-class postage stamp was 7¢in 1965 and 70¢ in 2010.This increase represents exponential growth. Write the function S for the cost of a stamp t years after 1965 (t=0).b)What was the growth rate in the cost?c)Predict the cost of a first-class postage stamp in 2013, 2016,and 2019.d) The Forever Stamp is always valid as first-class postage on standard envelopes weighing 1 ounce or less, regardless of any subsequent increases in the first-class rate. An advertising firm spent$7000 on 10,000 first-class postage stamps in2009. Knowing it will need 10,000first-class stamps in each of the years2010-2020,it decides at the beginning of2010to try to save money by spending$7000on10,000Forever Stamps, but also buying enough of the stamps to cover the years2011through2020.Assuming there is a postage increase in each of the years2013,2016,and2019to the cost predicted in part (c), how much money will the firm save by buying the stamps?

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Answered: The cost of first-class postage stamp…

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

a)	The cost of first-class postage stamp was 7¢in 1965 and 70¢ in 2010. This increase represents exponential growth. Write the function S for the cost of a stamp t years after 1965 (t=0).
b)	What was the growth rate in the cost?
c)	Predict the cost of a first-class postage stamp in 2013, 2016, and 2019.
d)	The Forever Stamp is always valid as first-class postage on standard envelopes weighing 1 ounce or less, regardless of any subsequent increases in the first-class rate. An advertising firm spent $7000 on 10,000 first-class postage stamps in 2009. Knowing it will need 10,000 first-class stamps in each of the years 2010-2020, it decides at the beginning of 2010 to try to save money by spending $7000 on 10,000 Forever Stamps, but also buying enough of the stamps to cover the years 2011 through 2020. Assuming there is a postage increase in each of the years 2013, 2016, and 2019 to the cost predicted in part (c), how much money will the firm save by buying the stamps?