SOLUTION: Current annual consumption of energy is 78 billion units, and this is expected to rise at a fixed rate of 5.8% each year. The capacity of the industry to supply energy is currently
Algebra.Com
Question 1172722: Current annual consumption of energy is 78 billion units, and this is expected to rise at a fixed rate of 5.8% each year. The capacity of the industry to supply energy is currently 104 billion units.
(a) Assuming that the supply remains steady, after how many years will demand exceed supply?
(b) What constant rate of growth of energy production would be needed to satisfy demand for the next 50 years?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
78(1.058)^t=104
1.058^t=1.333
t ln 1.058=ln 1.333
t=ln (1.333)/ln (1.058)
=5.098 years
-
78*1.058^50=1307.31 billion units
104*(1+r)^50=1307.31
(1+r)^50=12.570
50 ln(1+r)=ln 12.570;
ln(1+r)=2.5313/50=0.0506
raise to e power
1+r=1.05193
r=5.193%
round at end, not intermediate calculations
RELATED QUESTIONS
It is expected that 563 quadrillion thermal units of Btu (British thermal units) of... (answered by macston,fractalier)
A man gets a rise of 10% in salary at the end of his first year of service, and further... (answered by Theo)
a man gets a rise of 10% in salary at the end of his first year of service, and further... (answered by richwmiller)
Could you please help me to solve this problem?
Suppose national consumption, C, is $18... (answered by edjones)
The cost of a new facility is $606,000 and is expected a six year life with annual... (answered by lynnlo)
Zenix Industries issued fixed coupon bonds 5 years ago. When they were originally issued... (answered by alexandra12341)
1. Wen Seng operates an ice cream shop. He is trying to decide whether to expand his... (answered by ikleyn)
The population of a particular city is increasing at a rate proportional to its size. It... (answered by drk,stanbon)
A credit union loaned out $50,000, part at an annual rate of 5% and the rest at a rate of (answered by rfer)