$\text { If the annual rate of inflation averages } 8 \% \text { over the next } 10 \text { years, the approximate }$

question 167

Multiple Choice

$\text { If the annual rate of inflation averages } 8 \% \text { over the next } 10 \text { years, the approximate }$ cost $C$ of goods or services during any year in that decade is $C ( t ) = P ( 1.08 ) ^ { t }$ where $t$ is the time in years and $P$ is the present cost. The price of an oil change for your car is presently $\$ 24.35$ . Estimate the price 3 years from now. Round your answer to two decimal places.

• A) \(\$ 26.30\)
• B) \(\$ 30.67\)
• C) \(\$ 78.89\)
• D) \(\$ 25.61\)
• E) \(\$ 94.31\)

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