Solved: Inflation If the annual rate of inflation averages 5% over the next 10 years
Chapter 3, Problem 174(choose chapter or problem)
Inflation If the annual rate of inflation averages 5% over the next 10 years, the approximate cost C of goods or services during any year in that decade is \(C(t)=P(1.05)^{t}\), where is the time in years and P is the present cost.
(a) If the price of an oil change for your car is presently $29.95, estimate the price 10 years from now.
(b) Find the rates of change of C with respect to t when t = 1 and t = 8.
(c) Verify that the rate of change of C is proportional to C. What is the constant of proportionality?
Text Transcription:
C(t)=P(1.05)^t
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