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25 December, 20:07

The average price of a movie ticket in 1990 was $4.22 since then the price has increased by approximately 3.1% each year write an exponential function to model this situation then find the price of a ticket in 2016

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  1. 25 December, 23:32
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    Answer: the price of a ticket in 2016 is $9.33

    Step-by-step explanation:

    The formula for exponential growth which is expressed as

    A = P (1 + r) ^t

    Where

    A represents the average price of a movie ticket after t years.

    t represents the number of years.

    P represents the initial average price of a movie ticket.

    r represents rate at which the price increased.

    From the information given,

    P = 4.22

    r = 3.1% = 3.1/100 = 0.031

    The exponential function to model this situation is

    A = 4.22 (1 + 0.031) ^t

    A = 4.22 (1.031) ^t

    To find the price of a ticket in 2016,

    t = 2016 - 1990 = 26

    A = 4.22 (1.031) ^26

    A = $9.33
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