The function C(t) = Co(1 + r)^t models the rise in the cost

Last updated: 7/9/2022

The function C(t) = Co(1 + r)^t models the rise in the cost of a product that has a cost of Co today, subject to an average yearly inflation rate of r for t years. If the average annual rate of inflation over the next 11 years is assumed to be 3.5 %, what will the inflation-adjusted cost of a $31,000 motorcycle be in 11 years? Round to two decimal places.