Question

Tickets for a concert have been in increadbibly high demand. and as the date for the concert draws closer the price of tickets increases exponentially. the cost of a pair of concert tickets was $96 yesterday and today it is $108.

what is the multiplier

what is the daily percent rate?

using the cost of a ticket today as your initial value write an exponential equation that models this situation

what will be the cost of a pair of concert tickets in one week from today

what was the cost of a pair of tickets three days ago?

Answer 1

• multiplier 1.125
• percent rate 12.5%
• p(t) = 108·1.125^t
• p(7) = $246.32
• p(-3) = $75.85

Explanation:

a) The daily multiplier is 108/96 = 1.125

b) The daily percentage change is 1.125 -1 = .125 = 12.5%

c) The function can be written as ...

price = (initial value)·(daily multiplier)^t

p = 108·1.125^t

d) for t=7, put the number in and do the arithmetic.

108·1.125^7 ≈ 246.32 . . . dollar cost in a week

e) same deal, for t=-3

108·1.125^-3 ≈ 75.85 . . . .dollar cost 3 days ago