The current (2022) average price* of a gallon of milk is $3….
The current (2022) average price* of a gallon of milk is $3.74. According to in2013dollars.com, the price of milk rises an average of 2% per year**. Let PN denote the price of a gallon milk in the year 2022+N. a. Give the recursive description of PN. Include the initial value of P0. b. Give the explicit description of PN. c. If the trend continues, approximately how much will a gallon of milk cost in 2035? Round to the nearest penny. d. Extra credit (2 points): If the trend continues, in which year will the price of a gallon of milk first exceed $6.00? *Accessed 3/22/22. 2% milk. www.ams.usda.gov/sites/default/files/media/2021RetailPriceReport.pdf **Accessed 3/22/22.
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