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Sonbull [250]
3 years ago
10

If the rate of inflation is 2.2% per year, the future price pt (in dollars) of a certain item can be modeled by the following ex

ponential function, where t is the number of years from today.
p(t)=1200(1.039^t)

Find the current price of the item and the price 9 years from today.
Business
1 answer:
postnew [5]3 years ago
6 0

Answer:

1693.25

Explanation:

The computation of the current price of the item and the price 9 years from today is shown below:-

p(t) = 1,200 × (1.039)^t

Now, the current price can be found by putting t = 0

p(0) is

1,200\times (1.039)^0 = $1,200

The price 10 years from today

p(9) is

1,200\times (1.039)^9

Now we will solve the above equation

= 1,200 × 1.411041958

= 1693.25035

or

= 1693.25

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