SOLUTION: Gasoline prices are rising at a rate of 0.8% per month. What is their approximate doubling time. (I think I got this part = 87.5 months?) By what factor will prices increase in 1 y
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Question 979123: Gasoline prices are rising at a rate of 0.8% per month. What is their approximate doubling time. (I think I got this part = 87.5 months?) By what factor will prices increase in 1 year? If gasoline costs $2.25 per gallon today, what will the price be in 8 years, assuming no change in the trend.
Answer by josgarithmetic(39620) (Show Source): You can put this solution on YOUR website!
That seems good, depending on what source you use for natural logarithms.
y, value for price after time t in months;
p, initial value when t is 0 months;
Finding time to double the price:
but you might say 86.6 months.
Eight years is .
y after 96 months,
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