QuestionFind the cost in 2018 using model 2: . Round to the nearest dollar.
Studdy Solution
STEP 1
Assumptions1. The cost of inflation is represented by the models given.
. Model1
3. Model
4. represents the cost years after2010 of what cost $100 in1999.
5. We are asked to use Model to determine the cost in2018.
STEP 2
First, we need to calculate the value of for the year2018. Since represents the number of years after2010, we subtract2010 from2018.
STEP 3
Calculate the value of .
STEP 4
Now, we can substitute into Model2 to find the cost in2018.
STEP 5
First, calculate the square of .
STEP 6
Substitute into the equation.
STEP 7
Now, calculate the value of each term separately.
STEP 8
Substitute these values back into the equation.
STEP 9
Calculate the cost .
The cost in2018 was approximately $136.12. However, we are asked to round to the nearest dollar as needed.
STEP 10
Round the cost to the nearest dollar.
The cost in2018 was approximately $136 according to Model2.
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