By Using Data from the U

Multiple Choice

By using data from the U.S. Bureau of Labor Statistics for the years 1968-2002, the purchasing power P of a 1983 dollar can be modeled with the function , where t is the number of years past 1960. Based on this model, what is the purchasing power of a 1983 dollar in the year 1970? Round your answer to the nearest cent. ​

A) $6.33
B) $2.30
C) $5.25
D) $19.03
E) $3.11