Colon Moran
10/23/2024 · High School

If the rate of inflation is \( 3.7 \% \) per year, the future price \( p(t) \) (in dollars) of a certain item can be modeled by the following exponential function, where \( t \) is the number of years from today. \[ p(t)=3000(1.037)^{t} \] Find the current price of the item and the price 9 years from today. Round your answers to the nearest dollar as necessary. Current price: 9 years from today:

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Current price: $3000, Price 9 years from today: $4160

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