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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.)

Respuesta :

bojanabokisha

Answer:

300%

Step-by-step explanation:

Here we have an exponential function, [tex]y=ab^x[/tex]and it is one of the most important functions in the mathematics. In this case, the independet variable is the exponent.

Here we have that represented price increase of 13% each year, which means that [tex]b=1.13>1[/tex]  in our exponential function, while [tex]a[/tex] represent the journal price at the begining.

So we get the following function:

[tex]y=a(1.13)^x,\\[/tex]

where [tex]x[/tex] represents number of years. After 10 years, we get:

[tex]y=a(1.13)^{10}=3.395a[/tex]

The conclusion is that over 10 years, the percentage of increase would be about 300%.  

 

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