Assuming that the annual rate of inflation averages 3% over the next 20 years, the approximate costs C of goods or services during any year in that decade will be modeled by C(t) = P(1.03)t,
where t is the time in years and P is the present cost. The price of an oil change for your car is presently $24.93. Estimate the price 20 years from now. (Round your answer to the nearest cent.)