3. The equation,y=10(1.0605)^X , represents the winning prize money, in thousands, for first place in the Indianapolis 500 auto race. Let x represent the number of years. Let x = 0 for the first year of the race in 1911. What was the amount of prize money in 1922? (Hint: Let x = 11 for 1922.) (Points : 1)

Question

3. The equation,y=10(1.0605)^X , represents the winning prize money, in thousands, for first place in the Indianapolis 500 auto race. Let x represent the number of years. Let x = 0 for the first year of the race in 1911.  What was the amount of prize money in 1922? (Hint: Let x = 11 for 1922.) (Points : 1)

campbell_st · Answer

well you need to calculate

$$y = 10 \times(1.0605)^{11}$$

anonymous · Answer

Would that be 116. 65?

campbell_st · Answer

nope... way to much, its a bit less than $20.  type it into your calculator as its written.

anonymous · Answer

I still get the same thing. But if I only put the 10 and the 1.0605 together, I get 10.605. I'm super confused. :/ What am I doing wrong?

campbell_st · Answer

$$1.0605^{11} = 1.90817$$

now multiply that by 10.

anonymous · Answer

19.08?

campbell_st · Answer

yep... look correct.

anonymous · Answer

Okay. Now what? The answer is going to be either $18,000
       $19,000
       $36,000
       $37,000. 
How would I find that out?