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21 February, 07:57

The inflation rate of the u. s. dollar is 3.7 percent. what this means is that every year, prices increase by 3.7 percent. If a quart of oil cost $1.69 five years ago, how much does it cost now?.

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  1. 21 February, 09:12
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    1.69 * (1.037) 5 ...
  2. 21 February, 11:47
    0
    After n years, the price of a good in US in calculated through the equation,

    an = (a1) x (1 + r) ^n

    Substituting the known values from the given,

    an = ($1.69) x (1 + 0.037) ^5 = $2.03

    Thus, the oil will cost $2.03 today.
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