b) Recall that to evaluate a function at a given value, we substitute the variable by the given value.
Evaluating P(t) at t=2007-1992=15 we get:
[tex]P(15)=29000(1.06)^{15}.[/tex]
Simplifying the above result we get:
[tex]P(15)\approx69500.[/tex]
Answer: $69,500.
