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choli [55]
3 years ago
10

If the rate of inflation is 3.4%per year, the future price pt(in dollars) of a certain item can be modeled by the following expo

nential function, where t is the number of years from today.=p(t)3000(1.034)Find the current price of the item and the price 9 years from today. Round your answers to the nearest dollar as necessary.
Mathematics
1 answer:
Doss [256]3 years ago
4 0

Answer:

The current price is $3000 and price after 9 years from today is $4054.

Step-by-step explanation:

The future price pt(in dollars) of a certain item can be modeled by the following exponential function

p(t)=3000(1.034)^t

where, t is the number of years from today.

Substitute t=0 to find the current price.

p(0)=3000(1.034)^0=3000

Therefore the current price is $3000.

Substitute t=9 to find the price after 9 years from today.

p(9)=3000(1.034)^9

p(9)=3000(1.35109177087)

p(9)=4053.27531261

p(9)\approx 4054

Therefore the price after 9 years from today is $4054.

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