Device the exponential growth function that fits the given data, then answer the

Question

Device the exponential growth function that fits the given data, then answer the accompanying question. Be sure to identify the reference point (t=0) and units of time. Between 2003 and 2008, the average rate of inflation in a certain country was about 7% per year. If a cart of groceries cost $140 in 2003, what will it cost in 2013 assuming the rate of inflation remains constant? the inflation rate 7% the year 2008 the year 2003 What are the units of time? years dollars carts of groceries decades

Explanation / Answer

Q1. Same as in 2008

Q2. a) years

Q3. y(t) = e^t

Q4. Cost = $140(1+0.07)^5 = $ 196.357

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