Suppose the retail price of an automobile is $23,000 in 1991 and that it increases at 3% per year. a. Write the equation of the exponential function, in the form y = a(1+r), that models the retail price of the automobile t years after 1991. b. Use the model to predict the retail price of the automobile in 2011. a. Choose the function that models the retail price of the automobile t years after 1991. P(1) = 23,000(4) P() = 23,000(0.97) O P() = 23,000(1.03)' b. According to the model, what is the retail price of the automobile in 2011? (Do not round until the final answer. Then round to the nearest dollar as needed.)

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