Question

Solve this word problem. Please help!



The U.S. Energy Information Administration reported that the average cost for residential electricity use in 2000 was $0.0824 per kilowatt-hour. If the cost of a kilowatt-hour of electricity since 2000 followed the model y = 0.0797(1.04)^x , what is the expected cost of a kilowatt-hour of electricity in 2015? Round your answer to the nearest hundredth of a dollar.

Answer 1

\[y= 0.0797\left( 1.04 \right)^{x}\]

after having set up this, all I have to do is put 15 where x is and solve. but I'm not remembering how to solve...(and none of the answers look right.)

Answer 2

The instructions say "round your answer",
so they're expecting you to use a calculator here.

Having any trouble inputting it?

Answer 3

\[\large\rm 0.0797\times 1.04\text{^}(15)\]

Answer 4

I get 0.1435351974 and I think it just keeps going. Not to mention every time I have tried to round things my teacher has marked it wrong.

Answer 5

nearest `hundredth of a dollar`, which is the nearest `cent`
So $0.14 per kilowatt-hour in 2015.
Looks good.

This is really strange though...
`the average cost for residential electricity use in 2000 was $0.0824 per kilowatt-hour. ` That information wasn't used at all in the problem.

The equation they gave you should have been something like y=0.0824(1.04)^x.
Maybe there was some mix up when posting the problems.. hmm

Answer 6

That's where it gets really weird. It's in a text book.
I can't believe the answer was as simple as $0.14
(I think I stressed over that stupid problem for twenty minutes yesterday because I couldn't figure out how to solve.)

Answer 7

Ahh you silly bear :P

Answer 8

Yeah I am :)

Answer 9

Thanks for helping me (again) :D

Answer 10

c: