Question

Suppose that the equation, y = 1000(1.05)x, represents the average cost of an education at a public college, where x stands for the number of years after 1990. What is the average cost in 1990 (x = 0)?

Answer 1

I assume the x is an exponent, that is y = 1000(1.05)^x or \[y=1000(1.05)^x\]. In that case, the way to find the value at t=0 (which corresponds to 1990) is to plug zero in for t. It looks to me that the value of the function is about 1000.