The purchasing power P of a fixed income of $30,000 per year (such as a pension) after t years of 6% inflation can be modeled by P = 30,000(1.06)−t. Find the purchasing power after 5 years. (Round your answer to the nearest dollar.) Find the purchasing power after 20 years. (Round your answer to the nearest dollar.)
The purchasing power P of a fixed income of $30,000 per year (such as a pension) after t years of 6% inflation can be modeled by P = 30,000(1.06)−t. Find the purchasing power after 5 years. (Round your answer to the nearest dollar.) Find the purchasing power after 20 years. (Round your answer to the nearest dollar.)
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 8E
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The purchasing power P of a fixed income of $30,000 per year (such as a pension) after t years of 6% inflation can be modeled by
P = 30,000(1.06)−t.
Find the purchasing power after 5 years. (Round your answer to the nearest dollar.)
Find the purchasing power after 20 years. (Round your answer to the nearest dollar.)
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