SOLUTION: How do you solve: If a fast food meal in 2006 cost $5.89, what is the estimated price in 2015 and 2025 if the inflation rate is 2%? Thank you!

SOLUTION: How do you solve: If a fast food meal in 2006 cost $5.89, what is the estimated price in 2015 and 2025 if the inflation rate is 2%? Thank you!

Algebra.Com

Question 376392: How do you solve:
If a fast food meal in 2006 cost $5.89, what is the estimated price in 2015 and 2025 if the inflation rate is 2%?
Thank you!
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
It follows the compounded balance formula:. Here P = 5.89, r = 0.02, n = 1, and t = 9. Then
.
For t = 19, .

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