SOLUTION: what are the steps for solving this word problem and how do you solve those steps: If the annual rate of inflation averages 5% over the next 10 years, then the approximate cost C o

Question 425113: what are the steps for solving this word problem and how do you solve those steps: If the annual rate of inflation averages 5% over the next 10 years, then the approximate cost C of goods and services during any year in that decade will be given by
where "t" is the time in years and "P" is the present cost. If the price of Ailina's perfect pizza is $7.99, how much will it cost 9 years from now?
I tried looking this up on line but all I could find is annual inflation rate for the past to now. I do not know what this question is called (eg. liner equation, logarithm,radicals etc.) so it is hard to look it up. This question is on a extra credit worksheet (due. tomorrow march22)so we did not resently learn this, I think it is from previous math and I dont remember how to do this. (I am in Algebra 2 right now) Thank You for your time.
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
the exponent in the C(t) expression should be a "t" (you have a one) ___ it is an exponential function

in your case , the t equals 9
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