Question: With a yearly inflation rate of 2%, prices are given by P = P 0 (1.02) t , where P 0 is the price in

With a yearly inflation rate of 2%, prices are given by

P = P0(1.02)t,

where P0 is the price in dollars when t = 0 and t is time in years. Suppose P0 = 1. How fast (in cents/year) are prices rising when t = 10?

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