If the rate of inflation is 2.8% per year, the future price p(t) (in dollars) of a certain item can be modeled by the following exponential function, where is the number of years from today.
p(t)=1500(1.028)t
Find the current price of the item and the price 10 years from today. Round your answers to the nearest dollar as necessary.

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mekay04 mekay04 · Answer 1 · 2018-11-02T03:59:46+01:00

$1977 i rounded it like it said

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priyankapandeyVT priyankapandeyVT · Answer 2 · 2022-07-27T14:30:40+02:00

The required current price is $1500 and after 10 years the price is $1977.

An exponential function is given p(t) = 1500(1.028)^t.
Value of p(t) at t = 0 and t = 10 to be determine.

The function which is in format f(x) = a^x, where, a is constant and x is variable, the domain of this exponential function lies (-∞, ∞).

Here,
For t = 0 (current year)
p(0) = 1500(1.028)^0
p(0) = $1500 (since 1^0 = 0)

For t = 10 (10 years)
p(10) = 1500(1.028)^10
p(10) = 1500 * 1.31
p(10) = 1$977

Thus, the required current price is $1500 and after 10 years the price is $1977.

Learn more about exponential function here:

brainly.com/question/15352175

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