Solve. -Use the Formula N = Iekt, Where N Is the the Number

question 22

Multiple Choice

Solve.
-Use the formula N = Iekt, where N is the number of items at time t, I is the initial amount, and k is a growth constant equal to the percent of growth (expressed in decimal form) per unit of time.
There are currently 70 million cars in a certain country, increasing by 3% annually. How many
Years will it take for this country to have 97 million cars? Round to the nearest year.

• A) 110 yr
• B) 4 yr
• C) 9 yr
• D) 11 yr

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Definitions:

Preferences

The subjective tastes and choices of consumers, which guide their decision-making in selecting among alternatives.

Laspeyres Price Index

A measure of the change in the overall price of a specific set of goods and services over time, using the quantities of the goods and services purchased in the base period.

Consumption Bundle

A combination of goods and services that a consumer chooses to consume at a given time.

Prices

The total monetary value expected, called for, or delivered in payment for an object.