An economist tracks the price of a certain item at the beginning of several years and compiles the following table. Year 2013 2014 2015 2016 Price in dollars 265.50 273,47 281.67 290.12 (a) Show that the price is growing as an exponential function. (Let P be the price in dollars and t the time in years since 2013.) Calculate the ratios of new price/old price. (Round your answers to two decimal places.) P1 Ро P2 P1 Рз %3D P2 Does the table show exponential data? Yes o No (b) Find an exponential model for the data. (Round the values to two decimal places. Let t be the time in years since 2013.) P = 304.21 x 0.83 P = 260.00 x 1.12 P = 290.12 x 0.97° P = 265.50 x 1.03t P = 93.12 x 1.35t (c) At the beginning of some year, the price will surpass $344. Use the model found in part (b) to determine which year.

An economist tracks the price of a certain item at the beginning of several years and compiles the following table. Year 2013 2014 2015 2016 Price in dollars 265.50 273,47 281.67 290.12 (a) Show that the price is growing as an exponential function. (Let P be the price in dollars and t the time in years since 2013.) Calculate the ratios of new price/old price. (Round your answers to two decimal places.) P1 Ро P2 P1 Рз %3D P2 Does the table show exponential data? Yes o No (b) Find an exponential model for the data. (Round the values to two decimal places. Let t be the time in years since 2013.) P = 304.21 x 0.83 P = 260.00 x 1.12 P = 290.12 x 0.97° P = 265.50 x 1.03t P = 93.12 x 1.35t (c) At the beginning of some year, the price will surpass $344. Use the model found in part (b) to determine which year.

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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Question

An economist tracks the price of a certain item at the beginning of several years and compiles the following table.
Year
2013
2014
2015
2016
Price in dollars
265.50
273.47
281.67
290.12
(a) Show that the price is growing as an exponential function. (Let P be the price in dollars and t the time in years since 2013.)
Calculate the ratios of new price/old price. (Round your answers to two decimal places.)
P1
Ро
P2
P1
P3
P2
Does the table show exponential data?
o Yes
o No
(b) Find an exponential model for
data. (Round
to two deci
al places. Let t be the
in years since 2013.)
OP = 304.21 × 0.83°
OP = 260.00 × 1.12"
OP = 290.12 × 0.97*
OP = 265.50 × 1.03t
OP = 93.12 × 1.35°
(c) At the beginning of some year, the price will surpass $344. Use the model found in part (b) to determine which year.

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An economist tracks the price of a certain item at the beginning of several years and compiles the following table. 2014 2015 273.47 281.67 2016 290.12 2013 Year Price in dollars 265.50 (a) Show that the price is growing as an exponential function. (Let P be the price in dollars and t the time in years since 2013.) Calculate the ratios of new price/old price. (Round your answers to two decimal places.) P₁. Po P2, P1 P2 Does the table show exponential data? Yes No (b) Find an exponential model for the data. (Round the values to two decimal places. Let t be the time in years since 2013.) CP= 304.21 x 0.83t P = 290.12 x 0.97t CP= 260.00 x 1.12t P = 93.12 x 1.35* P = 265.50 x 1.03t (c) At the beginning of some year, the price will surpass $344. Use the model found in part (b) to determine which year.
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An economist tracks the price of a certain item at the beginning of several years and compiles the following table. Year 2013 2014 2015 2016 Price in dollars 265.50 273.47 281.67 290.12 (a) Show that the price is growing as an exponential function. (Let P be the price in dollars and t the time in years since 2013.) Calculate the ratios of new price/old price. (Round your answers to two decimal places.) P1 = P0 P2 = P1 P3 = P2 Does the table show exponential data? YesNo (b) Find an exponential model for the data. (Round the values to two decimal places. Let t be the time in years since 2013.) P = 290.12 × 0.97t P = 304.21 × 0.83t P = 265.50 × 1.03t P = 260.00 × 1.12t P = 93.12 × 1.35t (c) At the beginning of some year, the price will surpass $325. Use the model found in part (b) to determine which year.