Since 1980, textbook prices have increased at 6.7% peryear while inflation has been 3.3%
Chapter 11, Problem 18(choose chapter or problem)
Since 1980, textbook prices have increased at 6.7% peryear while inflation has been 3.3% per year.7 Assumeboth rates are continuous growth rates and let time, t, bein years since the start of 1980.(a) Write a differential equation satisfied by B(t), theprice of a textbook at time t.(b) Write a differential equation satisfied by P(t), theprice at time t of an item growing at the inflationrate.(c) Solve both differential equations.(d) What is the doubling time of the price of a textbook?(e) What is the doubling time of the price of an itemgrowing according to the inflation rate?(f) How is the ratio of the doubling times related to theratio of the growth rates? Justify your answer.
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