Jack P.

asked • 07/15/15

The cost C of a pound of margarine in 2006 was 66 cents. in 2010 the cost was 83 cents. Assuming the exponential growth model applies:

A) Find the exponential growth rate to the nearest tenth of a percent, and write the equation

B) Find the cost of a pound of margarine in 2012 and 2018

2 Answers By Expert Tutors

By:

Susan S. answered • 07/15/15

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Applied Mathematics Tutor with over 25 years in Electrical Engineering

Mark M.

How did you determine the rate to be 1.059?
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07/15/15

Susan S.

My TI-84 calculator has an exponential regression function in the statistical mode. Given a0 and an, it calculated the rate (which is denoted b).
 
The rate is actually is 1.0589... according to the regression. As I checked it against your work, you come up with the same answer but you rounded at the second step which gives an answer that is off more than a tenth of a percent.
 
Never round until the final answer.
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07/15/15

Mark M.

If a student were not fortunate enough of posses such a calculator, how would determination of the rate be made?
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07/15/15

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