Question: By using Social Security Administration data for selected years from 2012 and projected to 2050, the U.S. consumer price index (CPI) can be modeled by

By using Social Security Administration data for selected years from 2012 and projected to 2050, the U.S. consumer price index (CPI) can be modeled by the function

C(t) = 92.7e0.0271t

where t is the number of years past 2010. With the reference year as 2012, a 2016 CPI = 108.58 means goods and services that cost $100.00 in 2012 are expected to cost $108.58 in 2016.

(a) Find C(15) and explain its meaning.

(b) Graph the model.

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