Suppose that the future price p (t) of a certain item is given by the following exponential function. In this function, p (1) is measured in dollars and 1 is the number of years from today. p(1) = 2000(1.026) Find the initial price of the item. Does the function represent growth or decay? O growth O decay By what percent does the price change each year?

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Suppose that the future price p (1) of a certain item is given by the following exponential function. In this function, p (1) is measured in dollars and í is the
number of years from today.
p(1) = 2000(1.026)'
Find the initial price of the item.
Does the function represent growth or decay?
O growth
O decay
By what percent does the price change each year?
Transcribed Image Text:Suppose that the future price p (1) of a certain item is given by the following exponential function. In this function, p (1) is measured in dollars and í is the number of years from today. p(1) = 2000(1.026)' Find the initial price of the item. Does the function represent growth or decay? O growth O decay By what percent does the price change each year?
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