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 $p(t)$ at $t=0$. <br /><br />Plugging in $t=0$ into the equation $p(t)=2000(1.039)^t$, we get:<br /><br />$p(0) = 2000(1.039)^0 = 2000$<br /><br />Therefore, the current price of the item is $2000.<br /><br />To find the price 8 years from today, we need to evaluate the function $p(t)$ at $t=8$.<br /><br />Plugging in $t=8$ into the equation $p(t)=2000(1.039)^t$, we get:<br /><br />$p(8) = 2000(1.039)^8$<br /><br />Calculating this expression, we find that $p(8) \approx 2000(1.3686) \approx 2737.2$<br /><br />Rounding to the nearest dollar, the price 8 years from today is $2737.<br /><br />Therefore, the current price of the item is $2000, and the price 8 years from today is $2737.