Description
In turbulent economic times, investors often buy gold. The equation below can be used as a model for the price of gold per ounce, in dollars, from 2000 to 2012.
= 13.41–38.55+302.26
When did the price of gold reach $450? Write the equation to solve this and solve for the exact answers and approximate answers. Explain the answer in context of the problem.
Explanation & Answer
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The expression for the price of gold in dollars per ounce is
𝑃(𝑡) = 13.41𝑡 2 − 38.55𝑡 + 302.26
where 𝑡 is in years since 2000, 0 ≤ 𝑡 ≤ 12.
We need to solve the equation 𝑃(𝑡) = 450, 13.41𝑡 2 − 38.55𝑡 + 302.26 = 450.
I...
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