APPLICATION Suppose the annual rate of inflation is about 4%. This means that the cost
Chapter 6, Problem 7(choose chapter or problem)
APPLICATION Suppose the annual rate of inflation is about 4%. This means that the cost of an item increases by about 4% each year.Write and evaluate an exponential expression to find the answers to these questions. a. If a piano costs $3,500 today, what did it cost 4 years ago? b. If a vacuum cleaner costs $250 today, what did the same model cost 3 years ago? c. If tickets to a college basketball game cost $25 today, what did they cost 5 years ago? d. The median price of a house in the United States in October 2004 was $187,000.What was the median price 30 years ago? (National Association of Realtors, www.realtor.org)
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