Question

On January 1,1999 , the average price of gasoline was $1.19 per gallon. If the price of gasoline increased by 0.3% per month, which equation models the future cost of gasoline? y=1.19(1.003)^(x) y=1.19(x)^(1.03) y=1.19(1.03)^(x)

Answer 1

first one

Explanation:

The equation that models the future cost of gasoline is y=1.19(1.003)^(x), where "y" represents the future cost of gasoline per gallon and "x" represents the number of months since January 1, 1999.

In this equation, the initial cost of gasoline is $1.19 per gallon, and the cost increases by 0.3% per month, which is represented by the factor of (1.003)^(x).

Using this equation, you can calculate the future cost of gasoline for any number of months after January 1, 1999. For example, if you want to calculate the cost of gasoline 24 months after January 1, 1999, you can plug in x=24 and calculate y as follows:

y = 1.19(1.003)^(24)

y = 1.19(1.08357)

y = 1.288 per gallon

Therefore, the predicted cost of gasoline 24 months after January 1, 1999 is $1.288 per gallon.