The Price of an Item Increases Due to Inflation $p(t)=32.50(1.047)^{t}$ Give the Price of the Item as a Function of p(t)=32.50(1.047)^{t}

Short Answer

The price of an item increases due to inflation. Let $p(t)=32.50(1.047)^{t}$ give the price of the item as a function of time in years, with $t=0$ in 2004. At what continuous annual rate is the price increasing? Round to 2 decimal places.