The function C(t)=C0(1+r)t models the rise in the cost of a product that has a cost of C0 today, subject to an average yearly inflation rate of r for t years. If the average annual rate of inflation over the next 15 years is assumed to be 1.5%, what will the inflation-adjusted cost of a $28,700 motorcycle be in 15 years? Round to two decimal places.
The function C(t)=C0(1+r)t models the rise in the cost of a product that has a cost of C0 today, subject to an average yearly inflation rate of r for t years. If the average annual rate of inflation over the next 15 years is assumed to be 1.5%, what will the inflation-adjusted cost of a $28,700 motorcycle be in 15 years? Round to two decimal places.
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 40E
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The function C(t)=C0(1+r)t models the rise in the cost of a product that has a cost of C0 today, subject to an average yearly inflation rate of r for t years. If the average annual rate of inflation over the next 15 years is assumed to be 1.5%, what will the inflation-adjusted cost of a $28,700 motorcycle be in 15 years? Round to two decimal places.
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