With an Annual Rate of Inflation of 4% Over the Next

Multiple Choice

With an annual rate of inflation of 4% over the next 10 years, the approximate cost of goods or services during any year in the decade is given by $C ( t ) = P ( 1.04 ) ^ { t } , 0 \leq t \leq 10$ where is the time (in years) and is the present cost. The price of an oil change for a car is presently $24.95.Estimate the price 10 years from now.

A) $37.09
B) $36.93
C) $89.00
D) $63.90