When the annual rate of inflation averages 4% over the next 10 years, the approximate...

60.1K

Verified Solution

Question

Basic Math

image

When the annual rate of inflation averages 4% over the next 10 years, the approximate cost C of goods or services during any year in that decade is given below, where t is the time in years and P is the present cost.C(t) = P(1.04)^t(a) The price of an oil change for your car is presently $22.24. Estimate the price 10 years from now. (Round your answer to two decimal places.)C(10) = $(b) Find the rates of change of C with respect to t when t = 1 and t = 9. (Round your coefficients to three decimal places.)At t = 1At t = 9(c) Verify that the rate of change of C is proportional to C. What is the constant of proportionality?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students