the rate of inflation is 3.7% per year, the future price p (t) (in dollars) of a certain item can be modeled by the following exponential function, wheret is the umber of years from today. p(1) = 400(1.037) nd the current price of the item and the price 10 years from today. pund your answers to the nearest dollar as necessary. Current price: Price 10 years from today: S

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 65SGR
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If the rate of inflation is 3.7% 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) = 400(1.037)
Find the current price of the item and the price 10 years from today.
Round your answers to the nearest dollar as necessary.
Current price:
Price 10 years from today:$
Transcribed Image Text:If the rate of inflation is 3.7% 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) = 400(1.037) Find the current price of the item and the price 10 years from today. Round your answers to the nearest dollar as necessary. Current price: Price 10 years from today:$
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