[tex]y = 48.28(1.06)^t[/tex] is the model giving the annual price p (in dollars) of a ticket t in years after 2000 is found
Solution:
Given that,
In 2000, the average price of a football ticket for a Minnesota Vikings game was $48.28
During the next 20 years, the price increased an average of 6% each year
The increasing function is given by:
[tex]y = a(1+r)^t[/tex]
Where,
y is the value after t years
t is the number of years
a is the initial value
r is rate of increase in decimal
From given,
a = 48.28
[tex]r = 6 \% = \frac{6}{100} = 0.06[/tex]
Substituting the values we get,
[tex]y = 48.28(1+0.06)^t\\\\y = 48.28(1.06)^t[/tex]
Thus the model giving the annual price p (in dollars) of a ticket t in years after 2000 is found
