Tickets for a concert have been in incredibly high demand, and as the date for the concert draws closer, the price of tickets increases exponentially. The cost of a pair of concert tickets was $150 yesterday, and today it is $162. As you complete the parts below, assume that each day’s percent increase from the day before is the same. Homework Help ✎
What is the daily percent rate of increase? What is the multiplier?
What will be the cost of a pair of concert tickets one week from now?
What was the cost of a pair of tickets two weeks ago?
What will be the cost of a pair of tickets two weeks from now? Does your answer make sense? Why or why not?
What percent of $150 is $162?
Construct a table of values or an equation describing the relation
between the number of days since yesterday and the price of a ticket.
In order to go backwards, make the exponent negative.
Remember exponential equations look like this, y = a bx where a is initial value, b multiplier and x is time.
Time in the equation is in days, the problem gives you weeks. What do you do?