Answer:
The current price is $3000 and price after 9 years from today is $4054.
Step-by-step explanation:
The future price pt(in dollars) of a certain item can be modeled by the following exponential function
[tex]p(t)=3000(1.034)^t[/tex]
where, t is the number of years from today.
Substitute t=0 to find the current price.
[tex]p(0)=3000(1.034)^0=3000[/tex]
Therefore the current price is $3000.
Substitute t=9 to find the price after 9 years from today.
[tex]p(9)=3000(1.034)^9[/tex]
[tex]p(9)=3000(1.35109177087)[/tex]
[tex]p(9)=4053.27531261[/tex]
[tex]p(9)\approx 4054[/tex]
Therefore the price after 9 years from today is $4054.
