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If the rate of inflation is 4.1% 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.
E
x
p(t)=3000 (1.041)
E
Find the price of the item 4 years from today and 10 years from today.
Round your answers to the nearest dollar as necessary.
C
Price 4 years from today: $
9
Price 10 years from today: $

Respuesta :

A function assigns the values. The cost of the item after 4 years will be 3523.10 and after 10 years will be 4483.62.

What is a Function?

A function assigns the value of each element of one set to the other specific element of another set.

Given the rate of inflation is 4.1% per year, therefore, the price of the item can be found using the function,[tex]P(t) = 3000(1.041)^t[/tex], where t is the number of years from today.

The price after 4 years can be found by substituting the value of t as 4 in the given function,

[tex]P(t) = 3000(1.041)^t\\\\P(4) = 3000(1.041)^4\\\\P(4) = 3000(1.17436)\\\\P(4) = 3523.10[/tex]

The price after 10 years can be found by substituting the value of t as 10 in the given function,

[tex]P(t) = 3000(1.041)^t\\\\P(10) = 3000(1.041)^10\\\\P(10) = 3000(1.494539)\\\\P(10) = 4483.62[/tex]

Hence, the cost of the item after 4 years will be 3523.10 and after 10 years will be 4483.62.

Learn more about Function:

https://brainly.com/question/5245372

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