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The average price of a movie ticket in 1990 was $4.22. Since then, the price has increased by approximately 3.1% each year. Write an exponential function to model this situation, then find the price of a ticket in 2016. Is this growth or decay?

$9.33

Exponential growth.

Step-by-step explanation:

The formula for an exponential function is:

abˣ = y OR

a(1 + r)ˣ = y

a is the initial value (4.22)

r is the rate of increase (3.1% or 0.031 in dec. form) where 1 + r is b

x is the time (26 years)

y is the ending value.

If we plug those values in, the equation will turn out to be 4.22(1 + 0.031)²⁶ = y

Plug it into a calculator and you will get 9.333354216

This is exponential growth because x, the initial value, increases to get to y, the ending value.