Question

1 points eBookPrintReferences Check my work Check My Work button is now disabled3Item 2Item 2 1 points Today, your dream car costs $65,500. You feel that the price of the car will increase at an annual rate 2.4 percent. If you plan to wait 4 years to buy the car, how much will it cost at that time

Answer 1

Answer:

$72,018.011

Explanation:

Calculation of how much will it cost at that time you plan to wait 4 years to buy the car

Using this formula

Cost =Car cost (Increase in price)^ Number of years

Let plug in the formula

Cost =$65,500(1+0.024)^4

Cost =$65,500(1.024)^4

Cost =$65,500(1.09951162)

Cost =$72,018.011

Therefore the amount that it will cost at that time you plan to wait 4 years to buy the car will be $72,018.011