The Price of an Item Increases Due to Inflation $p(t)=22.50(1.029)^{t}$ Give the Price of the Item as a Function of p(t)=22.50(1.029)^{t}

Multiple Choice

The price of an item increases due to inflation. Let $p(t) =22.50(1.029) ^{t}$ give the price of the item as a function of time in years, with $t=0$ in 2004. What is the practical interpretation of $p^{-1}(70)$ ?

A) The price in 2004 of an item that is $\$ 70$ now.
B) The price now of an item that was $70 in 2004.
C) The time at which the price reaches $\$ 70$ .
D) The price of the item after 70 years.