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If the rate of inflation is 2.5% 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) = 1500(1.025)' Find the curront

If the rate of inflation is 2.5% 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) = 1500(1.025)' Find the curront

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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If the rate of inflation is 2.5% 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 (1) = 1500(1.025)' Find the current price of the item and the price 9 years from today. Round your answers to the nearest dollar as necessary. Current price: Price 9 years from today:
Transcribed Image Text:If the rate of inflation is 2.5% 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 (1) = 1500(1.025)' Find the current price of the item and the price 9 years from today. Round your answers to the nearest dollar as necessary. Current price: Price 9 years from today:
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