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Question 119598: Suppose a movie tickect costs about $7, and infalation causes ticket prices to increase by 4.5% a year for the next several years.
a.At this rate, how much will a ticket cost 5 years from now?
b.How much will a ticket cost 10 years from now?
c.How much will a ticket cost 30 years from now?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Suppose a movie tickect costs about $7, and infalation causes ticket prices to increase by 4.5% a year for the next several years.
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EQUATION:
Price t years from now
P(t) = 7(1.045)^t
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a.At this rate, how much will a ticket cost 5 years from now?
P(5) = 7(1.045)^5 = $8.72
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b.How much will a ticket cost 10 years from now?
P(10) = 7(1.045)^10 = $10.87
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c.How much will a ticket cost 30 years from now?
P(3)) = 7(1.045)^30 = $26.22
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Cheers,
Stan H.
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