Suppose That the Annual Rate of Inflation Averages 4% Over $\leq t \leq$

Multiple Choice

Suppose that the annual rate of inflation averages 4% over the next 10 years. With this rate of inflation, the approximate cost C of goods or services during any year in that decade will be given by C(t) = P(1.04) t, 0 $\leq t \leq$ 10 where t is time in years and P is the present cost. If the price of an oil change for your car is presently $\$$ 24.95, estimate the price 9 years from now. Round your answer to two decimal places.

A) $\$$ 36.93
B) $\$$ 37.51
C) $\$$ 38.93
D) $\$$ 40.51
E) $\$$ 35.51