Oil Prices The following table gives the price per barrel of crude oil for selected years from 1992 to 2006.
Year | Price (dollars) |
1992 | 19.25 |
1996 | 20.46 |
2000 | 27.40 |
2004 | 37.41 |
2006 | 58.30 |
(a) Make a scatter plot of the data and find the exponential function of the form P(t) = Cat that best fits the data. Let t be the number of years since 1992.
(b) Using your model, what is the projected price per barrel of crude oil in 2009?
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