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March 24, 2017

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Hi Ihave the solution and all thE steps for this question.:.but I am still having a hard time understanding it :( could somebody please help me walk through all the steps to this question?

1) assume that an average television costs $425 now and that the price is increasing by 2.4% each year.
A) calculate an equation relating price and time, then predict the price of a tv in 11 years.
B) when will the price. Of the tv be $2000?

Thanks!

  • Math - ,

    price in first year =425
    price in second year = 1.024 * 425
    price in third = 1.024*1.024 * 425
    so
    A) price in n th year = 1.024^(n-1) * 425
    price in 11 th year = 1.024^10 * 425
    = 538.75

    B) 2000 = 425 * 1.024^(n-1)
    4.70588 = 1.0124^(n-1)
    log 4.70588 = (n-1) log 1.024
    n-1 = 65.3
    n = in the 66 th year

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