Gough Martinez
08/10/2024 · Elementary School

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) Suppose the price of an oil change for your car is presently \( \$ 22.64 \). Estimate the price (in dollars) 10 years from now. (Round your answer to the nearest cent.) \( C(10)=\$ \) (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 \( t=9 \) (c) Verify that the rate of change of \( C \) is proportional to \( C \). What is the constant of proportionality? (b)

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(a) \( C(10) \approx \$33.51 \) (b) Rate of change at \( t=1 \): \( \approx 0.917 \), at \( t=9 \): \( \approx 1.188 \) (c) Constant of proportionality \( k \approx 0.03922 \)

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