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

Question

Mathematics

Chivas

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

+4

Answers (1)

Know the Answer?

Ashanti Wu · Answer 1

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

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. $1645.00b. $1545.00c. $1639.09d. $1539.99

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