Let () represent the consumer price index. If the rate of inflation of the price index is constant at 5% (i.e., # #= 5%), and the price index has a base value of 100 at time = 0, solve for the expression showing the consumer price index as a function of time. Sketch the time path of ().

Let p (t) represent the consumer price index. If the rate of inflation of the price index is constant at 5% (i.e., " = 5%), and the price index has a base value of 100 at time t = 0, solve for the expression showing P the consumer price index as a function of time. Sketch the time path of p(t)