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 a

Algebra ->  Exponential-and-logarithmic-functions -> 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 a      Log On


   

Question 330549: 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 checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
32=48(1+.051)^32
32=48(1.051)^32
32=48*4.9123=$235.79 cost of a hotel room in 2012