Suppose the retail price of an automobile is $23,000 in 1998 and that it increases at 2% per year. a. Write the equation of the exponential function, in the form y = a(1 + r)', that models the retail price of the automobile t years after 1998.
b. Use the model to predict the retail price of the automobile in 2009.
a. Choose the function that models the retail price of the automobile tyears after 1998.
P(t) = 23,000(1.02)
Х
P(t) = 23,000(0.98)
P(t) = 23,000(3)
b. According to the model, what is the retail price of the automobile in 2009?
$
(Do not round until the final answer. Then round to the nearest dollar as needed.)