An investment services company experienced dramatic growth in the last two decades. The following models for the company's revenue R and expenses or costs C (both in millions of dollars) are functions of the years past 1990. R(t) = 21.4e0.131t and C(t) = 18.6e0.131t (a) Use the models to predict the company's profit in 2023. (Round your answer to one decimal place.) $ million (b) How long before the profit found in part (a) is predicted to double? (Round your answer to the nearest whole number.) years after 1990
An investment services company experienced dramatic growth in the last two decades. The following models for the company's revenue R and expenses or costs C (both in millions of dollars) are functions of the years past 1990. R(t) = 21.4e0.131t and C(t) = 18.6e0.131t (a) Use the models to predict the company's profit in 2023. (Round your answer to one decimal place.) $ million (b) How long before the profit found in part (a) is predicted to double? (Round your answer to the nearest whole number.) years after 1990
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter5: Business And Economic Forecasting
Section: Chapter Questions
Problem 1.4CE
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An investment services company experienced dramatic growth in the last two decades. The following models for the company's revenue R and expenses or costs C (both in millions of dollars) are functions of the years past 1990.
R(t) = 21.4e0.131t and C(t) = 18.6e0.131t
(a) Use the models to predict the company's profit in 2023. (Round your answer to one decimal place.)
$ million
(b) How long before the profit found in part (a) is predicted to double? (Round your answer to the nearest whole number.)
years after 1990
$ million
(b) How long before the profit found in part (a) is predicted to double? (Round your answer to the nearest whole number.)
years after 1990
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