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In October 2005, a family's gasoline consumption is 35 gallons per month and is increasing at a rate of 2.5 gallons per month.
The price of gasoline is 300 cents per gallon and is increasing at a rate of 10 cents per month.
Calculate the rate at which the family's monthly gasoline bill is increasing at this time. Give your answer correct to the nearest cent per month.
Hint: write the family's monthly gasoline consumption as the function f (t) and the price of gasoline as the function g (t). What is the family's monthly gasoline bill in terms of the functions f and g?
The purchasing power of a dollar is decreasing at the rate of 7.3% annually, compounded continuously. How long will it take for the purchasing power of $1.00 to be worth $0.42? Round answers to the nearest hundredth.
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