When the rate of inflation is 4(1/2)% per year and the average price of a car is currently $25,000, the average price after n years is Pn = $25,000(1.045)n . Compute the average prices for the next 5 years.
When the rate of inflation is 4(1/2)% per year and the average price of a car is currently $25,000, the average price after n years is Pn = $25,000(1.045)n . Compute the average prices for the next 5 years.
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter10: Exponential And Logarithmic Functions
Section10.2: Applications Of Exponential Functions
Problem 25PS
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When the rate of inflation is 4(1/2)% per year and the average price of a car is currently $25,000, the average price after n years is Pn = $25,000(1.045)n . Compute the average prices for the next 5 years.
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