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Answer:
Since the price is given by an exponential function, the decline in price is exponential.
The component will cost $36.8475 in three years.
Step-by-step explanation:
The equation for the price of a component has the following format:
In which P(t) is the price after t years, P(0) is the initial price, and r is the rate that the price decreases.
Since the price is given by an exponential function, the decline in price is exponential.
The price of a computer component is decreasing at a rate of 15% per year.
This means that
Component costs $60 today
So P(0) = 60. Then
What will it cost in three years?
This is P(3).
The component will cost $36.8475 in three years.