In 1991, the cost of mailing a 1 oz. first-class letter was 29 cents, and the inflation rate was 4.6%. If the inflation rate stayed constant, the function C(t) = .29(1.046)t would represent the cost of mailing a first-class letter as a function of years since 1991.

1. If the function given holds true, in what year would the cost of mailing a first-class letter reach 60 cents?

2. In 2007, the cost of mailing a first-class letter was 41 cents. Has the inflation rate stayed constant since 1991? Explain.

Question

In 1991, the cost of mailing a 1 oz. first-class letter was 29 cents, and the inflation rate was 4.6%. If the inflation rate stayed constant, the function C(t) = .29(1.046)t would represent the cost of mailing a first-class letter as a function of years since 1991.

1.	If the function given holds true, in what year would the cost of mailing a first-class letter reach 60 cents? 

2.	In 2007, the cost of mailing a first-class letter was 41 cents. Has the inflation rate stayed constant since 1991? Explain.