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

question 55

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 $\$ 23.65$ . Find the rate of change of $C$ with respect to $t$ when $t = 3$ . Round your answer to three decimal places.

• A) \(32.176\) dollars per year
• B) \(1.966\) dollars per year
• C) \(2.293\) dollars per year
• D) \(5.962\) dollars per year
• E) \(32.730\) dollars per year