The library at a certain university reported that journal prices had increased by 130% over a period of 10 years. The report concluded that this represented a price increase of 13% each year. If journal prices had indeed increased by 13% each year, what percentage increase would that give over 10 years? (Round your answer as a percentage to the nearest whole number.)

300%

Step-by-step explanation:

Here we have an exponential function, and it is one of the most important functions in the mathematics. In this case, the independet variable is the exponent.

Here we have that represented price increase of 13% each year, which means that  in our exponential function, while represent the journal price at the begining.

So we get the following function:

where represents number of years. After 10 years, we get:

The conclusion is that over 10 years, the percentage of increase would be about 300%.  

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