SOLUTION: Copper-production increased at a rate of about 4.9% per year between 1988 and 1993. In 1993, copper-production was approximately 1.801 billion kilograms. If this trend continued

Question 1150642: Copper-production increased at a rate of about 4.9% per year between 1988 and 1993. In 1993, copper-production was approximately 1.801 billion kilograms.
If this trend continued, what equation will best model the copper-production (P), in billions of kilograms, since 1993.
(Let t = 0 for 1993.)
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!

Answer: P = 1.801*(1.049)^t

================================================
Explanation:

The general format is
P = a*(1+r)^t
where
P = final amount after t years
a = starting amount
r = growth rate in decimal form
t = number of years that have elapsed

In this case,
P = unknown
a = 1.801 (value in billions)
r = 0.049 (representing 4.9% since 4.9% = 4.9/100 = 0.049)
t = also unknown

So we go from
P = a*(1+r)^t
to
P = 1.801*(1+0.049)^t
which simplifies to
P = 1.801*(1.049)^t

This equation only works if we assume the growth rate of 4.9% holds the same for years after 1993.
RELATED QUESTIONS
fred is analyzing the cost of producing two different items at an electronics company. an (answered by stanbon)

Allan is analyzing the cost of producing two different products at a Manufacturer.... (answered by josgarithmetic)

In 1990 the production staff for GoFast, Inc was 2000 and the production rate was 14,000... (answered by RAY100)

On May 11, 1993, a note due on January 10, 1994 was discounted at 12.12% simple discount. (answered by CPhill)

A local race for charity has taken place since 1993. Using the actual speeds of the... (answered by greenestamps)

The following data gives the worldwide number of fatal airline accidents of commercially (answered by ewatrrr)

The following data give the worldwide number of fatal airline accidents of commercially... (answered by ewatrrr)

The following data gives the worldwide number of fatal airline accidents of commercially... (answered by ewatrrr)

From Table 21.5, you can determine the rate of inflation from one year to the next. For... (answered by stanbon)