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The cost of a first-class postage stamp in 1962 was 4. In 1999 it is 33. The cost was (and is) growing exponentially. What was the growth rate? What will be the cost of a first-class postage stamp in 2010?

Sagot :

102586885

Answer:

The growth rate was 5.87%

Step-by-step explanation:

Time interval is t=1999−1962=37 yearsInitial cost in 1962 was a=4 unit Final cost in 1999 was y=33 unit Exponential growth function :y=a(1+r)t;a>0,r>0,ris rate of growth in decimal form.y=a(1+r)tor33=4(1+r)37 or(1+r)37=334or(1+r)37=8.25 , taking log on bothsides we get, 37log(1+r)=log(8.25) orlog(1+r)=log(8.25)37orlog(1+r)≈0.24769(1+r)=100.24769or1+r≈1.0587∴r=0.0587 orr%=0.0587⋅100≈5.87%The growth rate was 5.87% [Ans]

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