If the rate of inflation is 2.6% per year, the future price p(t) (in dollars) of a certain item can be modeled by the following exponential

Question

If the rate of inflation is 2.6% per year, the future price p(t) (in dollars) of a certain item can be modeled by the following exponential function, where t is the number of years from today.
p(t)=600(1.026)t
Find the current price of the item and the price 9 years from today.
Round your answers to the nearest dollar as necessary.

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Ngọc Diệp 4 years 2021-07-19T05:37:42+00:00 1 Answers 134 views 0

Answers ( )

  1. Eirian
    0
    2021-07-19T05:39:16+00:00
    Reply

    Answer:

    The current price of the item is $600.

    The price of the item 9 years from today will be of $756.

    Step-by-step explanation:

    Price of the item:

    The price of the item, in dollars, after t years, is given by:

    p(t) = 600(1.026)^t

    Current price of the item

    This is p(0). So

    p(0) = 600(1.026)^0 = 600

    The current price of the item is $600.

    9 years from today.

    This is p(9). So

    p(9) = 600(1.026)^9 = 756

    The price of the item 9 years from today will be of $756.

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