the expression 1350(1.05)^t models the average wages, in dollars, in the us as a function of the number of…
the expression 1350(1.05)^t models the average wages, in dollars, in the us as a function of the number of years since 1930. what does 1.05 represent in this expression? choose 1 answer: a the average wages double every 1.05 years. b the average wages in the us were about $1.05 in 1930. c the average wages in the us increase by about 5% each year.
Answer
Brief Explanations:
The general form of an exponential - growth function is $y = a(1 + r)^t$, where $a$ is the initial amount, $r$ is the growth rate, and $t$ is the time. In the given expression $1350(1.05)^t$, comparing it with the general form, we have $1 + r=1.05$, so $r = 0.05$ or $5%$. This means the quantity is increasing by $5%$ each year.
Answer:
C. The average wages in the US increase by about 5% each year.