Canada’s Office of Consumer Affairs reported that in 1982 the average household spending for food constituted 15.1% of household expenditures.
From 1982 to 2003 this amount decreased at an average annual rate of 1.53%.
a. Assuming that this trend continues, find a natural growth function F(t) that gives percentage expenditure on food as a function of t, years after 1982.
b. Use your model to predict the year in which percentage expenditure on food decreases to 10%.
c. Based on your model, what percentage of household expenditures did the average household spend on food in 1996?
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