EXPONENTIAL AND LOGARITHMIC FUNCTIONSEvaluating an exponential function that models a real-world situat...If the rate of inflation is 4.1% per year, the future price p(t) (in dollars) of a certain item can be modeled by the following exponential function, where t is thenumber of years from today.p ()1200(1.041)Find the current price of the item and the price 8 years from today.Round your answers to the nearest dollar as necessary.Current price:Price 8 years from today:?X

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Asked Sep 23, 2019
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EXPONENTIAL AND LOGARITHMIC FUNCTIONS
Evaluating an exponential function that models a real-world situat...
If the rate of inflation is 4.1% 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 ()1200(1.041)
Find the current price of the item and the price 8 years from today.
Round your answers to the nearest dollar as necessary.
Current price:
Price 8 years from today:
?
X
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EXPONENTIAL AND LOGARITHMIC FUNCTIONS Evaluating an exponential function that models a real-world situat... If the rate of inflation is 4.1% 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 ()1200(1.041) Find the current price of the item and the price 8 years from today. Round your answers to the nearest dollar as necessary. Current price: Price 8 years from today: ? X

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Expert Answer

Step 1

The given exponential model of future price, p (in dollars) as a function of time t is given below.

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p)1200(1.041)

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Step 2

The current price of the item is given by plugging the value of t = 0 in the above function.

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p(0) 1200(1.041) =1200-1 = 1200

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Step 3

The price of the item, 8 years from today is given by plugging...

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P(8) 1200(1.041) S 1200x1.379 1655 (Round off to nearest dollar)

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