Question: 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

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) = 92.7e^0.0271t

where t is the number of years past 2010 and C(t) is in 2012 dollars. With the data’s reference year as 2012, a 2018 CPI of 115.14 means that goods and services costing $100.00 in 2012 are expected to cost $115.14 in 2018.

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

(b) Graph the model.

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