Find the rate of decay of the purchasing power

Reference no: EM131798283

Qusetion: Purchasing power the table gives the purchasing power of a 1983 dollar based on consumer prices for selected years from 1968 to 2008. Using these data with x = 0 representing 1960, the dollar's purchasing power, P, can be modeled by

P = 3.41e^-0.044x

(a) Use the model to find the rate of decay of the purchasing power of $1 in 2008.

(b) Interpret the result in part (a).

Reference no: EM131798283

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