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[Step-by-Step] Assuming that the rate of inflation is 4% per year, the equation P=P_0(1.04)^t yields the predicted price P in t years of an item that presently

Question: Assuming that the rate of inflation is 4% per year, the equation \(P={{P}_{0}}{{\left( 1.04 \right)}^{t}}\) yields the predicted price P in t years of an item that presently costs Po. Find the predicted price of each of following items for the indicated years ahead.

  1. $0.77 can of soup in 3 years
  2. $3.43 container of cocoa in 5 years
  3. $1.99 jar of coffee creamer in 4 years
  4. $1.05 can of beans and bacon in 10 years
  5. $18,000 car in 5 years
  6. $120,000 house in 8 years
  7. $500 TV set in 7 years

Price: $2.99
Solution: The downloadable solution consists of 1 pages
Deliverable: Word Document


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