Answered

Westonci.ca connects you with experts who provide insightful answers to your questions. Join us today and start learning! Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

The library at a certain university reported that journal prices had increased by 130% over a period of 10 years. The report concluded that this represented a price increase of 13% each year. If journal prices had indeed increased by 13% each year, what percentage increase would that give over 10 years? (Round your answer as a percentage to the nearest whole number.)

Sagot :

walkrunmove

Answer:

Over 10 years, increasing 15% each year, the prices would have increased 305%.

Step-by-step explanation:

If journal prices had a constant rate of increase, it's prices could be modeled by the following equation:

In which P(t) is the price after t years, P(0) is the initial price and r is the rate of increase.

If it increased 15% each year.

We would have r = 0.15. So

Over 10 years

The initial price is 100%

4.05P(0) - P(0) = 3.05P(0)

Over 10 years, increasing 15% each year, the prices would have increased 305%.

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.