art II Inflation and Graphs 3 Imagine an item that costs 300

Last updated: 5/1/2023

art II Inflation and Graphs 3 Imagine an item that costs 300 today like 3 concert tickets or a nice winter jack below represents the change in the price of that item over time assuming an average annual inflation rate of 2 750 700 eso 650 500 450 1400 350 300 250 200 450 400 1 20 years a Approximately how much has the price of the item increased after 15 years b This function has a growth factor of 1 02 and is exponential Why does it appear almost linear in the graph c This function shows a 2 annual increase in price using the equation y 300 1 02 Rewrite this equation to instead show the 2 annual decrease in purchasing power of that same 300 over time