SOLUTION: On January 1, 1999, the price of gasoline was $1.39 per gallon. If the price of gasoline increased by 0.5% per month, what was the cost of one gallon of gasoline, to the nearest ce

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Question 145235: On January 1, 1999, the price of gasoline was $1.39 per gallon. If the price of gasoline increased by 0.5% per month, what was the cost of one gallon of gasoline, to the nearest cent, on January 1 one year later.
Answer by stanbon(48558) About Me  (Show Source):
You can put this solution on YOUR website!
On January 1, 1999, the price of gasoline was $1.39 per gallon. If the price of gasoline increased by 0.5% per month, what was the cost of one gallon of gasoline, to the nearest cent, on January 1 one year later.
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1.39*(1.05)^12 = $2.496
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Cheers,
Stan H.