Percent Decrease in an Exponential Decay Model of the Price of Corn

Question

Over the last 10 years, the price of corn has decreased by 25% per bushel

(a) Assuming a steady percent decrease, by what percent does it decrease each year? Round to the nearest percent.

(b) Assuming this percent continues, by what percent will the price of corn decrease by after 50 years? Show the calculation that leads to your answer. Round to the nearest percent.

Answer 1