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# Exam_I_W07 - Math 115 First Midterm Exam February 6 2007...

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2 1. According to a survey by the U-M Transportation Research Institute, gasoline prices are projected to reach \$5.00 a gallon by the year 2020. (a) (5 points) Assuming that the average gas price in 2007 is \$2.00 per gallon (yes, we know that is wishful thinking), find an exponential function, P , that models the average gas price t years after 2007. Show either an “exact” answer or at least 4 decimal places in your answer. (b) (2 points) What is the annual percent change in the average gas price according to this model? (Show to at least one decimal place.) (c) (2 points) What is the yearly continuous percent rate of change for this model? (Show to two decimal places.)
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Exam_I_W07 - Math 115 First Midterm Exam February 6 2007...

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