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
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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:
$
 
 
 
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