Question

In 1991, the cost of a first-class stamp was 29 cents, and the inflation rate was 4.6%. If the inflation rate stayed constant, the function
C(t) = 0.29(1.046)^t
would represent the cost of a stamp as a function of years since 1991. According to this function, after how many years would the cost of a stamp reach 60 cents?
Can someone assist me with this problem?

Answer 1

Do i put this as C(t) = 0.60(1.046)^t
and solve for t?..

Answer 2

its C 16 years

Answer 3

I don't care for some google-researched answer @TheRealMeeeee , that diminishes the true reason for my question.. which is to learn..

Answer 4

well its right

Answer 5

The cost is 60c. C is the cost, so plug in 0.60 for C. Solve for t.

Answer 6

So.
0.60 = 0.29 (1.046)^t then?

Answer 7

and i didnt google it FYI

Answer 8

Yes. First divide by 0.29 on both sides, then take logs of both sides.

Answer 9

Yeah, sure, I didn't put any answer choices LOL so where you did get the " its C 16 years " then?

Answer 10

Alright thank you @agent0smith

Answer 11

i worked it out so shut your mouth

Answer 12

0.60 = 0.29 (1.046)^t
2.06896551724 = 1.046^t
log 2.06896551724 / 1.046 = t ?

Answer 13

correction*
log 2.06896551724 / log 1.046 = t
t = 16.1662

Answer 14

stop saying my name dude

Answer 15

Yep. Looks right.

Answer 16

Thanks.