Algebra Question

Question

Tickets for a concert have been high in demand, and as of the date for the concert draws closer, the price of tickets increases exponentially. The cost of a pair of concert tickets was $30 today, tomorrow it is expected to be $43.50. Assume that each day’s percent increase from the day before is the same.

a. What is the multiplier?

b. Using the cost of a pair of tickets today as your initial value, write an equation that models this situation.

c. What will be the cost of a pair of concert tickets one week from today (7 days from now)?

d. What was the cost of a pair of tickets two weeks ago (14 days ago)?

Show work please!

Answer 1

Since this is exponential growth it will take the form of A= (I)r^t where I is initial value, A is final value, r is growth factor and t is time. So lets first find r

43.5 = 30 x r^1

r=43.5/30 = 1.45 which is our multiplier

Equation is A = 30 x (1.45)^t so in 7 days the cost will be

A = 30 x (1.45)^7= 404.29

The cost 14 days ago is

A= 30 x (1.45)^-14= .165