Question

The cost of a movie ticket increases from $6.75 to $9.00 over a period of 10 years. Use the formula r=(F/P)[^1/n -1

to find the annual inflation rate $r$ to the nearest tenth of a percent, where $n$ is the number of years during which the value increases from $P$ to $F$ .
The annual inflation rate is about ___
%.

Answer 1

Explanation:

Answer 2

Explanation:

The formula for the annual inflation rate is:

The formula for the annual inflation rate is:r = (F/P)^(1/n) - 1

The formula for the annual inflation rate is:r = (F/P)^(1/n) - 1Where:

The formula for the annual inflation rate is:r = (F/P)^(1/n) - 1Where:F = final value = 9.00

The formula for the annual inflation rate is:r = (F/P)^(1/n) - 1Where:F = final value = 9.00P = initial value = 6.75

The formula for the annual inflation rate is:r = (F/P)^(1/n) - 1Where:F = final value = 9.00P = initial value = 6.75n = number of years = 10

The formula for the annual inflation rate is:r = (F/P)^(1/n) - 1Where:F = final value = 9.00P = initial value = 6.75n = number of years = 10Plugging in the values, we get:

The formula for the annual inflation rate is:r = (F/P)^(1/n) - 1Where:F = final value = 9.00P = initial value = 6.75n = number of years = 10Plugging in the values, we get:r = (9.00 / 6.75)^(1/10) - 1

The formula for the annual inflation rate is:r = (F/P)^(1/n) - 1Where:F = final value = 9.00P = initial value = 6.75n = number of years = 10Plugging in the values, we get:r = (9.00 / 6.75)^(1/10) - 1Calculating this expression, we get:

The formula for the annual inflation rate is:r = (F/P)^(1/n) - 1Where:F = final value = 9.00P = initial value = 6.75n = number of years = 10Plugging in the values, we get:r = (9.00 / 6.75)^(1/10) - 1Calculating this expression, we get:r ≈ 0.063, or 6.3%

The formula for the annual inflation rate is:r = (F/P)^(1/n) - 1Where:F = final value = 9.00P = initial value = 6.75n = number of years = 10Plugging in the values, we get:r = (9.00 / 6.75)^(1/10) - 1Calculating this expression, we get:r ≈ 0.063, or 6.3%So, the annual inflation rate is about 6.3% to the nearest tenth of a percent.