Need help with word problem: If the rate of inflation is 2.5% per year, the future price p(t) (in dollars) of a certain item can be modeled by the following exponential function, where t is the number of years from today. p(t)=2000(1.025)t Find the current price of the item and the price 8 years from today. Round your answers to the nearest dollar as necessary.

A bank features a savings account that has an annual percentage rate of r = 4.5% with interest compounded quarterly. Stephanie deposits $3,500 into the account. The account balance can be modeled by the exponential formula nt S(t) = P(1 + 7) "² where S is the future value, P is the present value, r I is the annual percentage rate, ʼn is the number of times each year that the interest is compounded, and t is the time in years. (A) What values should be used for P, r, and n? P = r = n = (B) How much money will Stephanie have in the account in 9 years? Answer = $ Round answer to the nearest penny. (C) What is the annual percentage yield (APY) for the savings account? (The APY is the actual or effective annual percentage rate which includes all compounding in the year). APY = %. Round answer to 3 decimal places.

For the problem below, a. Write a function that describes exponential growth. b. Use your calculator to graph the function. c. Evaluate the function at the given values. Round answers to 2 decimal places.Otto invests $600 in an account that pays 7.3% interest compounded annually. How much is in Otto's account after 3 years? After 6 years? a. P(t) = ? c. 3 years: ? 6 years: ?

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