up pose averages 5% over the next 10 yea this rate of inflation, the approxim C'of goods or services during any that decade will be given by

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
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Suppose the annual rate of inflation
averages 5% over the next 10 years. With
this rate of inflation, the approximate cost
C of goods or services during any year in
that decade will be given by
C (t) = P (1.05)' , 0<t < 10
where t is the time in years and P is the
present cost. The price of an oil change for
your car is presently $24.95. Estimate the
price 10 years from now. Do not include the
$ sign.
Transcribed Image Text:Suppose the annual rate of inflation averages 5% over the next 10 years. With this rate of inflation, the approximate cost C of goods or services during any year in that decade will be given by C (t) = P (1.05)' , 0<t < 10 where t is the time in years and P is the present cost. The price of an oil change for your car is presently $24.95. Estimate the price 10 years from now. Do not include the $ sign.
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