Suppose That the Annual Rate of Inflation Averages 4% Over $\leq t \leq$

question 39

Multiple Choice

Suppose that the annual rate of inflation averages 4% over the next 10 years. With this rate of inflation, the approximate cost C of goods or services during any year in that decade will be given by C(t) = P(1.04) t, 0 $\leq t \leq$ 10 where t is time in years and P is the present cost. If the price of an oil change for your car is presently $\$$ 24.95, estimate the price 9 years from now. Round your answer to two decimal places.

• A) \(\$\) 36.93
• B) \(\$\) 37.51
• C) \(\$\) 38.93
• D) \(\$\) 40.51
• E) \(\$\) 35.51

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Definitions:

Primary Function

The main or most important purpose that an institution, structure, or system serves in society.

Integration

The process of bringing together diverse groups into a cohesive whole, often used in the context of social, cultural, or racial groups within a community or organization.

Generalization of Values

The process by which certain values become widely accepted and integrated into the social fabric, guiding norms and practices across diverse communities.

Social System

An organized collection of parts that are highly integrated to accomplish an overall goal, describing the structured society in which we live.