Use the best-fitting exponential model to determine the answer to each question. (For problems using calendar years, “reset the clock” so that t = 0 in the year for which you first have data.)
Exercise
The amount money earned by winning the Kentucky Derby has grown quite a bit since the Derby's first running in 1875. Tire following table gives the net amount earned by the winner as a function of the year of the race.
Year t | 1875 | 1900 | 1925 | 1950 | 1975 |
Winnings ($) | 2850 | 4850 | 52,950 | 92,650 | 209,600 |
Source: Churchill Downs Incorporated (www.KeniucKyueroy.com).
a. In what year would you expect the prize money to grow to $1,000,000?
b. Use your model to predict the prize money in 2007.
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