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If the rate of inflation is2.8per year, the future price pt (in dollars) of a certain item can be modeled by the following exponential function,

If the rate of inflation is2.8per year, the future pricept (in dollars) of a certain item can be modeled by the following exponential function, wheretis the number of years from today.

pt = 3000 (1.028)t

Find the current price of the item and the price9

years from today.

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