If the rate of inflation is 2.2% per year, the future price pt (in dollars) of a certain item can be modeled by the following exponential function, where t is the number of years from today. =pt20001.022t Find the current price of the item and the price 8 years from today. Round your answers to the nearest dollar as necessary. Currentprice: $2,000 Price8yearsfromtoday: $
If the rate of inflation is 2.2% per year, the future price pt (in dollars) of a certain item can be modeled by the following exponential function, where t is the number of years from today. =pt20001.022t Find the current price of the item and the price 8 years from today. Round your answers to the nearest dollar as necessary. Currentprice: $2,000 Price8yearsfromtoday: $
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
Problem 6SC
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Question
If the rate of inflation is
per year, the future price
(in dollars) of a certain item can be modeled by the following exponential function, where
is the number of years from today.
Find the current price of the item and the price
years from today.
Round your answers to the nearest dollar as necessary.
2.2%
pt
t
=pt20001.022t
8
Round your answers to the nearest dollar as necessary.
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