Answer: Multiplicative rate of change in housing costs, for summer term t years since Chinedu applied to his college.
Step-by-step explanation:
Given: [tex]1.5\times1.09^t[/tex] models the housing costs, in thousands of dollars, for summer term t years since Chinedu applied to his college.
Since, the above expression is an exponential function. [ t is the exponent ]
The standard exponential function is given by :-
[tex]y=Ab^x[/tex], A is the initial amount , b is the multiplicative rate of change with respect to time period x.
as compare to the given expression, we get b= 1.09, which is the multiplicative rate of change in the housing costs, for summer term t years since Chinedu applied to his college.
