In each of the following problems, find an exponential function of the form
Personal Consumption Expenditures Thetotal amount of expenditures in the United States on video and audio equipment, computers, and related services was approximately $9.6 billion in 1990 and $109.2 billion in 2015. (Data from: The Federal Reserve Bank of St. Louis.)
Let
According to the model, what were the expenditures in 2014?
If the model remains accurate, estimate the expenditures for 2020.
Want to see the full answer?
Check out a sample textbook solutionChapter 4 Solutions
EBK MATHEMATICS WITH APPLICATIONS IN TH
- Enter the data from Table 2 into a graphing calculator and graph the ranking scatter plot. Determine whetherthe data from the table would likely represent a function that is linear, exponential, or logarithmic.arrow_forwardExplain why the values of an increasing exponentialfunction will eventually overtake the valuesof anincreasing linear function.arrow_forwardWhat might a scatterplot of data points look like if it were best described by a logarithmic model?arrow_forward
- Does a linear, exponential, or logarithmic model best fit the data in Table 2? Find the model.arrow_forwardAn investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded continuously. How much will theaccount be worth after 15 years?arrow_forwardUse a graphing calculator to solve each problem. In Example 4, suppose that a birth control program changed the formula for poulation growth to Pt=1000e0.01t. How long will the food supply be adequate? EXAMPLE 4 Using a Graphing Calculator to Solve a popuiation Problem Suppose that a country with a population of 1000 people is growing exponentially according to the population function Pt=1000e0.02t Where t in years. Furthermore, assume that the food supply, measured in adequate food per day per person, is growing linearly according to the function fx=30.625x+2000 In how many years will the population outstrip the food supply?arrow_forward
- Table 3 gives the annual sales (in millions of dollars) of a product from 1998 to 20006. What was the average rate of change of annual sales (a) between 2001 and 2002, and (b) between 2001 and 2004?arrow_forwardWith what kind of exponential model would doubling time be associated? What role does doubling time play in these models?arrow_forwardWhat role does the horizontal asymptote of anexponential function play in telling us about the endbehavior of the graph?arrow_forward
- College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage LearningTrigonometry (MindTap Course List)TrigonometryISBN:9781337278461Author:Ron LarsonPublisher:Cengage Learning
- Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:CengageGlencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill