The price of a movie ticket averages $10.25 and is increasing by 3% per year. Use that information to complete parts (a) through (c) below. Homework Help ✎
What is the multiplier in this situation?
Since the price is increasing, the multiplier is 100% + 3%.
Write a function that represents the cost of a movie ticket n years from now.
Use the general equation for an exponential function: t(n) = a(b)n,
where a is the initial value, b is the multiplier, and n is time, in years.
t(n) = 10.25(1.03)n
If tickets continue to increase at the same rate, what will they cost 10 years from now?
Use the equation from part (b).