When the annual rate of inflation averages 4% over the next 10 years, the approximate cost C of goods or services during any

Question

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 = 1
At t = 9
(c) Verify that the rate of change of C is proportional to C. What is the constant of proportionality?

Kunduz · Accepted Answer

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