If the rate of inflation is 3.9% per year, the future price p(t) (in dollars) of a cartain item can be modeled by the fo number of years from today. p(t)=2000(1.039)' Find the current price of the item and the price 8 years from today. Round your answers to the nearest dollar as necessary. Current price: Price 8 years from today:

To find the current price of the item, we need to evaluate the function at . Plugging in into the equation , we get: Therefore, the current price of the item is p(t) t=8 t=8 p(t)=2000(1.039)^t p(8) = 2000(1.039)^8 p(8) \approx 2000(1.3686) \approx 2737.2 2737.Therefore, the current price of the item is 2737.