SOLUTION: If a car costs $10,000 today, and the CPI calculates an inflation rate of 3% this year, how much will the car cost one year from now?

Question 934185: If a car costs $10,000 today, and the CPI calculates an inflation rate of 3% this year, how much will the car cost one year from now?
Answer by ptfile(81) (Show Source): You can put this solution on YOUR website!
Inflation Rate = ((Final Value - Initial Value)/Initial Value)(100)
3 = ((Final Value - 10000)/10000)(100)
.03 = (Final Value - 10000)/10000
300 = Final Value - 10000
10300 = Final Value
The car will cost $10,300 on the next year.

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