Question
Economics (Exercises 51–56)Electricity Consumption Suppose that in a certain area the consumption of electricity has increased at a continuous rate of $6 \%$ per year. If it continued to increase at this rate, find the number of years, to the nearest tenth, before twice as much electricity would be needed.
Step 1
Step 1: We start with the continuous growth equation, which is given by $P = Pe^{rt}$, where $P$ is the final amount, $Pe$ is the initial amount, $r$ is the rate of growth, and $t$ is the time. Show more…
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Economics (Exercises 51–56) Electricity Consumption Suppose a conservation campaign, together with higher rates, caused demand for electricity to increase at only $2 \%$ per year. (See Exercise $55 .$ ) Find the number of years, to the nearest tenth, before twice as much electricity would be needed.
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Suppose that in a certain area the consumption of electricity has increased at a continuous rate of $6 \%$ per year. If it continued to increase at this rate, find the number of years, to the nearest tenth, before twice as much electricity would be needed.
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