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.
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.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
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a)
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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). |
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b)
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What was the growth rate in the cost?
|
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c)
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Predict the cost of a first-class postage stamp in 2013, 2016, and 2019. |
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d)
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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? |
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