Cost of employee parking provided by a large firm has been increasing over the years. A business analyst approximates the yearly parking cost by an exponential function. Using P as the yearly parking cost in thousands of dollars and t as the number of years since 2015 (when the firm moved into the current location), the business analyst determines the parking cost function to be P(t) = 65(1.3)' . Find P'(t), the rate at which the parking cost is increasing according to the business analyst's model. Rate of change P'(t) =| thousands of dollars/yr

Cost of employee parking provided by a large firm has been increasing over the years. A business analyst approximates the yearly parking cost by an exponential function. Using P as the yearly parking cost in thousands of dollars and t as the number of years since 2015 (when the firm moved into the current location), the business analyst determines the parking cost function to be P(t) = 65(1.3)' . Find P'(t), the rate at which the parking cost is increasing according to the business analyst's model. Rate of change P'(t) =| thousands of dollars/yr

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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Question

Cost of employee parking provided by a large firm has been increasing over the years. A business analyst approximates the yearly parking cost by an exponential function.
Using P as the yearly parking cost in thousands of dollars and t as the number of years since 2015 (when the firm moved into the current location), the business analyst determines the parking cost
function to be
P(t) = 65(1.3)' .
Find P'(t), the rate at which the parking cost is increasing according to the business analyst's model.
Rate of change P'(t) =
thousands of dollars/yr

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