SOLUTION: Hi! I have two questions that I'm pretty stumped on. Today a typical family of four spends $960/month for food. If inflation occurs at the rate of 3%/year over the next 7 years

Question 914568: Hi! I have two questions that I'm pretty stumped on.
Today a typical family of four spends $960/month for food. If inflation occurs at the rate of 3%/year over the next 7 years, how much should the typical family of four expect to spend for food 7 years from now? (Round your answer to the nearest cent.)
Anthony invested a sum of money 9 years ago in a savings account that has since paid interest at the rate of 12%/year compounded quarterly. His investment is now worth $17,389.67. How much did he originally invest?
Thank you!
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
In General
A = Accumulated Amount
P= principal =
r= annual rate = .
n= periods per year =
t= years =
I.
II.

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