Chapter 5.1, Problem 59E

Inflation Assuming that the annual rate of inflation averages $4\%$ over the next $10$ years, the approximate costs $C$ of goods or services during any year in that decade can be modeled by $C\left(t\right)=P{\left(1.04\right)}^t,$ where $t$ is the time in years and $P$ is the present cost. The price of an oil change for your car is presently $\text{\$29}\text{.88}\text{.}$ Estimate the price $10$ years from now.