Monica M.

asked • 11d

The price of a gallon of milk has been rising about 1.36% per year since 2000.

The price of a gallon of milk has been rising about 1.36% per year since 2000.

If milk costs $4.70 now, what will it cost next year?

If milk costs $4.70 now, how long will it take for the price to top $5?

What type of function did you use to model the scenario? Be specific.

Why did you choose that type of function? What characteristics of the model led you to make that choice?

Did you write a formula for the function? If not, do so now. Be sure to state what the independent and dependent variable represent in the model.

1 Expert Answer

By:

Mark J. answered • 11d

Semi-retired engineer who loves mathematics

Monica M.

what is the actual name of the function?
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10d

Mark J.

tutor
Monica.. it doesn't have a "name". It is just a power formula derived for the situation. If you look at it closely, it has a strong resemblance to the compound interest formula. The reason because the accumulation of money with an interest rate is the same type of power formula used in this case ... only for an increasing price etc. 1.36% is analogous to the interest rate charged on money in the bank etc. Basically, you are "accumulating" something in each case!
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