We are given with the equation p(t) = 1.1e^0.047t where p represents the price, t represents the time in years. price varies exponentially with time. If p is 3 dollars in the future, then
3 = 1.1e^0.047t
ln 2.727272 = 0.047 t
t = 21. 35 years or year 2001.
