the library at a certain University reported the journal prices had increased by 150% over a period of 10 years The report concluded that this representing a price increase of 15% each year if journal prices had indeed increase by 15% each year what percentage increase would that give the over 10 years Ron your answer as a percentage to the nearest whole number

Question

contestada

Respuesta :

Rod44 Rod44 · Answer 1 · 2018-01-15T16:14:33+01:00

1.15¹⁰=4.0456, the growth rate, so the increase is 3.0456 or 305%.

Answer Link

joaobezerra joaobezerra · Answer 2 · 2020-04-20T04:16:57+02:00

Answer:

Over 10 years, increasing 15% each year, the prices would have increased 305%.

Step-by-step explanation:

If journal prices had a constant rate of increase, it's prices could be modeled by the following equation:

[tex]P(t) = P(0)(1+r)^{t}[/tex]

In which P(t) is the price after t years, P(0) is the initial price and r is the rate of increase.

If it increased 15% each year.

We would have r = 0.15. So

[tex]P(t) = P(0)(1.15)^{t}[/tex]

Over 10 years

[tex]P(10) = P(0)(1.15)^{10}[/tex]

[tex]P(t) = 4.05P(0)[/tex]

The initial price is 100%

4.05P(0) - P(0) = 3.05P(0)

Over 10 years, increasing 15% each year, the prices would have increased 305%.