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If the cost of a loaf of bread is now $2.75 and is increasing at 5% per year, what will it cost 10 years from now. Write an exponential equation for this scenario then use it to solve the problem

If The Cost Of A Loaf Of Bread Is Now 275 And Is Increasing At 5 Per Year What Will It Cost 10 Years From Now Write An Exponential Equation For This Scenario Th class=

Sagot :

To estimate the cost (C) after t years with an increasing rate r, use the formula below:

[tex]C(t)=C_0*\left(1+r\right)^t[/tex]

In this question:

C0 = initial cost = $2.75

r = rate = 0.05

t = time = 10 years

Substituting the values in the equation:

[tex]\begin{gathered} C(10)=2.75*\left(1+0.05\right)^{10} \\ C(10)=2.75*1.05^{10} \\ C(10)=2.75*1.629 \\ C(10)=4.48 \end{gathered}[/tex]

Answer:

Equation:

[tex]\begin{gathered} C(t)=2.75(1+0.05)^t \\ C(10)=2.75(1+0.05)^{10} \end{gathered}[/tex]

Cost: C(10) = $4.48.

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