TELEThe function C(t) = C(1 + r)' models the rise in the cost of a product that has a cost of C today, subject to an average yearly inflation rate of r for t years. If theaverage annual rate of inflation over the next 8 years is assumed to be 2.5 % , what will the inflation-adjusted cost of a $19,100 motorcycle be in 8 years? Round to twodecimal places.​

Answer:$23271.49Step-by-step explanation:The function [tex]C(t) = C(1 + r)^{t}[/tex] models the rise in the cost of a product that has a cost of C today, subject to an average yearly inflation rate of r for t years. Now, if the average annual rate of inflation over the next 8 years is assumed to be 2.5% then we have to find the inflation-adjusted cost of a $19100 motorcycle after 8 years. Therefore, the cost will be [tex]C(8) = 19100(1 + \frac{2.5}{100} )^{8} = 23271.49[/tex] dollars. (Answer)