Real-World Word Problems OSU Marion Math 148

Math 148 Au2006
OSU Marion
Dr. Maharry

Get Extra Credit in Math 148 Au06 from Dr. Maharry

2 points (up to a max of 20 points for the class) for each nice example of a Real-Life word problem that you have found. A web lnk is nice, but not necessary. If you can tie it into something we're working on in class, that is even better.
2 points (up to a maximum of 10 points for the class) for each nicely written solution to someone else's problem you found on this page. Hand it in to me or email it to me at maharry@math.ohio-state.edu

Problem 6

GAS PRICES

By Barbara Hagenbaugh, USA TODAY
WASHINGTON Americans are celebrating plunging gasoline prices by hitting the roads.
After barely rising during the summer months, gasoline demand rose swiftly in
September, the American Petroleum Institute said Wednesday.
Deliveries of gasoline to U.S. service stations, a proxy for demand, rose more than
4% in September from the same month a year ago.
...
In one of the largest one-month changes on record, the nationwide average gasoline
price fell 47 cents, or 17%, in September, according to motorist club AAA and the
Oil Price Information Service.
The U.S. average for a gallon of regular Wednesday was $2.219, down 27% from this
year's peak of $3.04 a gallon on Aug. 10 and off 52 cents from a year ago. The
lowest average price Wednesday was in Missouri, where it was $2.02 a gallon; the
highest was in Hawaii, where the average was $2.98.

While the higher prices this year didn't actually reduce gasoline consumption in
most months, it led to slower-than-normal increases in demand. The historical
average is for gains of 1.5% to 2%, API's Planting says.

Here are the questions:

If the price of gas fell 47 cents in September, and that was a 17% drop, how much was it at the beginning of September?

Assuming that the rate of increase in demand for gasoline continues to be 4% per month, by what percentage is it increasing per year?

They say that the historical rate of increase in gasoline demand is closer to 2% per month. That leads to what percentage increase per year?

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