Concept explainers
In Exercises 17– 20, give the numbers in the exponential function to three decimal places.
Buying Power.
a. Find the exponential function that best fits the following data.
Years since 1980 | Equivalent buying power of $100 (in 1980 dollars) |
0 | $100.00 |
10 | $158.62 |
20 | $208.98 |
30 | $264.63 |
33 | $282.85 |
(Source: http://data.bls.gov/cgi-bin/cpicalc.pl.) |
b. Graph the
c. Use the function to estimate the equivalent buying power of S100 (in 1980 dollars) in 2020.
d. What other models also fit this data? Which model best predicts the equivalent buying power of $100 (in 1980 dollars) for future years? Why?
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Calculus and Its Applications Plus MyLab Math with Pearson eText -- Access Card Package (11th Edition) (Bittinger, Ellenbogen & Surgent, The Calculus and Its Applications Series)
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