question archive This is data for the cost of ski lift tickets at the resort in Vail, Colorado in 2013 dollars for the last thirty years
This is data for the cost of ski lift tickets at the resort in Vail, Colorado in 2013 dollars for the last thirty years
Subject:BusinessPrice: Bought3
This is data for the cost of ski lift tickets at the resort in Vail, Colorado in 2013 dollars for the last thirty years. Excel will help automate the calculations. 9 Ticket Price Ticket prices that year (not Growth rate in 2013 in %/yr needed in Year calculation) dollars Chg in years 1981 22 55 1986 30 63 5 2.7 1988 35 68 2 3.81 1997 52 74 1998 54 76 1 2.67 1999 59 81 1 2000 59 79 -2.5 2001 63 82 2002 67 86 1 4.76 2004 73 89 2 2006 85 97 2 4.3 Determine the growth rate of the ticket price using 2013 dollars in percent (=k*100) for each interval (note the year values are for different time intervals.) 1 1 3.7 Using the 2013 dollar prices in 1981 and 2006, find the k value (% growth rate for the 25 year period). Predict the price for 2019 based on an average growth rate. Predict the price for 2025 based on an average growth rate.
