Suppose that the future price p (t) of a certain item is given by the following exponential function. In this function, p (1) is measured in dollars and 1 is the number of years from today. p(1) = 2000(1.026) Find the initial price of the item. Does the function represent growth or decay? O growth O decay By what percent does the price change each year?

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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Suppose that the future price p (1) of a certain item is given by the following exponential function. In this function, p (1) is measured in dollars and í is the
number of years from today.
p(1) = 2000(1.026)'
Find the initial price of the item.
Does the function represent growth or decay?
O growth
O decay
By what percent does the price change each year?
Transcribed Image Text:Suppose that the future price p (1) of a certain item is given by the following exponential function. In this function, p (1) is measured in dollars and í is the number of years from today. p(1) = 2000(1.026)' Find the initial price of the item. Does the function represent growth or decay? O growth O decay By what percent does the price change each year?
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