SOLUTION: I am paying $29 for a service and need to know what that service will cast me in 5 yrs from now in an area that has a 1.5% inflation rate. Equation: S = C (1+r/100)^5 S

Question 190774: I am paying $29 for a service and need to know what that service will cast me in 5 yrs from now in an area that has a 1.5% inflation rate.
Equation: S = C (1+r/100)^5 S = inflated cost in 5 yrs.
C = current price of service
r = Inflation rate percent per year (1.5%)
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
I am paying $29 for a service and need to know what that service will cast me in 5 yrs from now in an area that has a 1.5% inflation rate.
Equation: S = C (1+r/100)^5 S = inflated cost in 5 yrs.
C = current price of service
r = Inflation rate percent per year (1.5%)
-------------------
S = 29*(1.015)^5
S = $31.24
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