The personnel expenses were $8,700,000 in 2014. Over the previous 5 years, the personnel expenses increased at a rate of 3.4% annually.
a) Assuming that this rate continues, write an equation describing personnel costs, C(t), in millions of dollars, where t=0 corresponds to 2014.
b) Sketch a graph of this function up to the year 2029 (t=15).
c) What are your projected personnel costs in the year 2016?

Question

The personnel expenses were ​$8,700,000 in 2014. Over the previous 5​ years, the personnel expenses increased at a rate of 3.4​% annually.
​a) Assuming that this rate​ continues, write an equation describing personnel​ costs, C(t), in millions of​ dollars, where t=0 corresponds to 2014.
​b) Sketch a graph of this function up to the year 2029 ​(t=15​).
​c) What are your projected personnel costs in the year 2016​?

shortypants · Answer

The personnel expenses were ​$8,700,000 in 2014. Over the previous 5​ years, the personnel expenses increased at a rate of 3.4​% annually.
​a) Assuming that this rate​ continues, write an equation describing personnel​ costs, C(t), in millions of​ dollars, where t=0 corresponds to 2014.
​b) Sketch a graph of this function up to the year 2029 ​(t=15​).
​c) What are your projected personnel costs in the year 2016​?

evoker · Answer

Use the general exponential growth equation if you have it.

shortypants · Answer

alright i came out with C(t)=8700000(1+0.034)^16

shortypants · Answer

1.48541523106255409245115793655302259965918304468992 × 10^7 was my result on the calculator

shortypants · Answer

so 14854152.3106 million?

evoker · Answer

Hmm is the for b, as they said you want to use 15.

evoker · Answer

but otherwise you have the right equation

shortypants · Answer

yea 16 is for part c

shortypants · Answer

15 is a picture of a graph

evoker · Answer

actually 2 for c

evoker · Answer

your comparing to 2014, 2016 is 2 years later.

shortypants · Answer

oh

shortypants · Answer

plugged in 2 and got 9301657.2	
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shortypants · Answer

oops

shortypants · Answer

9301657.2

evoker · Answer

no problem, yeah I got the same result

shortypants · Answer

would C(t)=8700000(1+.034)^t be right?

shortypants · Answer

for A

evoker · Answer

Yes that is correct you could collapse the parenthesis to 1.034 if you wanted

shortypants · Answer

hmm i not sure what way the online program will say is correct

shortypants · Answer

thanks for your help!

evoker · Answer

no problem have a good night.