U.S. postal rates have steadily increased since 1932. Using data depicted in the table in the next
Question:
U.S. postal rates have steadily increased since 1932. Using data depicted in the table in the next column for the years 1971–2020, the cost in cents to mail a single letter can be modeled using a quadratic formula as follows:
C(t) = -0.00246t2 + 1.02t + 7.44
where t is the number of years since 1970.
(a) Find the predicted cost of mailing a letter in 1995 and 2015 and compare these estimates with the actual rates.
(b) Find the rate of change of the postage cost for the years 1995 and 2015 and interpret your results.
(c) Using the regression feature on a graphing calculator, find a cubic function that models these data, letting t = 0 correspond to the year 1970. Then use your answer to find the rate of change of the postage cost for the years 1995 and 2015.
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