SOLUTION: At a town with a large convention center, the cost of a hotel room has increased 5.1% annually. If the average hotel room cost $48.00 in 1980 and this growth continues, what will

SOLUTION: At a town with a large convention center, the cost of a hotel room has increased 5.1% annually. If the average hotel room cost $48.00 in 1980 and this growth continues, what will

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Question 42266: At a town with a large convention center, the cost of a hotel room has increased 5.1% annually. If the average hotel room cost $48.00 in 1980 and this growth continues, what will an average hotel room cost in 2012?
Use y=a(1+r)^t and round to the nearest cent.
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Well, just plug in your values and calculate...so we get
y = a(1 + r)^t
y = 48(1 + .051)^32
y = 48(4.912)
y = $235.79
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