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?
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
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Let = the price of the car in 5 years
The price will be $30,843.12 in 5 yrs