Question

type the correct answer in the box. in 1979, the price of electricity was $0.05 per kilowatt - hour. the price of electricity has increased at a rate of approximately 2.05% per year. let t be the number of years after 1979, create the equation that can be used to determine how many years it will take for the price per kilowatt - hour to reach a certain amount. fill in the values of a, b, and c for this situation. do not include dollar signs in the response. $c = a(b)^t$

Explanation:

Step1: Identify the initial - value

The initial price of electricity in 1979 is $0.05$. In the exponential - growth formula $c = A(b)^t$, $A$ represents the initial value. So $A = 0.05$.

Step2: Identify the growth factor

The price of electricity has increased at a rate of approximately $2.0\%$. The growth factor $b$ for a percentage increase $r$ (where $r$ is written as a decimal) is given by $b=1 + r$. Since $r = 0.02$, then $b = 1+0.02=1.02$.

Step3: Identify the variables

$c$ is the price per kilowatt - hour after $t$ years, $t$ is the number of years after 1979.

Answer:

$A = 0.05$, $b = 1.02$, $c$ is the price per kilowatt - hour after $t$ years and $t$ is the number of years after 1979.