The line graph shows the cost of inflation. What cost $10,000 in 1982 would cost the

Chapter 0, Problem 21

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The line graph shows the cost of inflation. What cost $10,000 in 1982 would cost the amount shown by the graph in subsequent years. The Cost of Ination 24 20 16 12 8 Cost (thousands of dollars) Year 1985 1990 1995 2000 2005 2010 4 $21,810 $10,760 What cost you $10,000 in 1982 would cost you this much in subsequent years. Source: U.S. Bureau of Labor Statistics Here are two mathematical models for the data shown by the graph. In each formula, C represents the cost x years after 1985 of what cost $10,000 in 1982. C = 0.3x2 + 430x + 10,824 C = 438x + 10,800 Model 1 Model 2 a. Use the graph to estimate the cost in 1995, to the nearest thousand dollars, of what cost $10,000 in 1982. b. Use model 1 to determine the cost in 1995. How well does this describe your estimate from part (a)? c. Use model 2 to determine the cost in 1995. How well does this describe your estimate from part (a)? d. Use model 1 to determine in which year the cost will be $28,320 for what cost $10,000 in 1982.