Need help with word problem: 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)=2000(1.025)t Find the current price of the item and the price 8 years from today. Round your answers to the nearest dollar as necessary.
Need help with word problem: 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)=2000(1.025)t Find the current price of the item and the price 8 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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Need help with word problem:
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
p(t)=2000(1.025)t
Find the current price of the item and the price 8 years from today.
Round your answers to the nearest dollar as necessary.
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