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8 December, 02:23

The rate of inflation is 3%. The cost of an item in future years can be found by iterating the function c (x) = 1.03x. Find the cost of a $1500 refrigerator in three years if the rate of inflation remains constant.

Select one:

a. $1645.00

b. $1545.00

c. $1639.09

d. $1539.99

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Answers (1)
  1. 8 December, 03:45
    0
    year 1

    cost = 1.03 (1500) = 1545

    put 1545 in for x in year 2

    year 2

    1.03 * 1545 = 1591.35

    put in 1591.35 in for x in year 3

    year 3

    1.03 * 1591.35=1639.0905

    round to the nearest cent

    cost in three years: $1639.09

    Choice C
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