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)=800(1.025)^t Find the current price of the item and the price 8 years from today.
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)=800(1.025)^t Find the current price of the item and the price 8 years from today.
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 29PS: What rate of interest to the nearest hundredth of percent is needed so that an investment of 2500...
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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)=800(1.025)^t
Find the current price of the item and the price 8 years from today.
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