Gordon Kelly
08/20/2023 · High School

Evaluating an exponential function that models a real-world situation 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. 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: 9 years from today:

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The current price is \( p_0 \) and the price 9 years from today is approximately \( p_0 \cdot 1.3956 \).

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