SOLUTION: The rate of inflation is such that the price of a car costing $20,000 will double in eight years. What will be the price of the car in 5 years?
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Question 1029330: The rate of inflation is such that the price of a car costing $20,000 will double in eight years. What will be the price of the car in 5 years?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = the rate of inflation
Take the log of both sides
----------------
Let = the price of the car in 5 years
The price will be $30,843.12 in 5 yrs
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