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Algebra
Question

If the rate of inflation is \( 3.9 \% \) per year,...

If the rate of inflation is \( 3.9 \% \) 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. 

\( p ( t ) = 2500 ( 1.039 ) ^ { t }\) 

Find the current price of the item and the price \( 9 \) years from today. Round your answers to the nearest dollar as necessary. 

Current price: 

Price \( 9 \) years from today: 

Answer

\(2500\)

\(3528\)

Solution
View full explanation on CameraMath App.