If the rate of inflation is 2.2%  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)=800(1.022)^t Find the current price of the item and the price 10 years from today. Round your answers to the nearest dollar as necessary.

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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If the rate of inflation is 2.2%  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)=800(1.022)^t

Find the current price of the item and the price 10 years from today.
Round your answers to the nearest dollar as necessary.

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