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You feel that the price of the car will increase at an annual rate 1.9 percent. If you plan to wait 3 years to buy the car, how much will it cost at that time?

Respuesta :

Answer:

$50,682.50

Explanation:

Given that,

Cost of dream car = $47,900

Annual rate = 1.9 percent

Time period, n = 3 years

The formula for calculating cost is as follows:

Amount = Principal × [1 + (Annual rate ÷ 100)]^n

             = $47,900 × [1 + (1.9 ÷ 100)]^3

             = $47,900 × [1 + 0.019]^3

             = $47,900 × 1.058089859

             = $50,682.50(Approx)

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