SOLUTION: what will be the price of a $20,000.00 car in 5 years if the inflation rate is 6%? DO I use this formula to solve: F=P(1+r/n)nt I=(20,000)(0.06)(60)=7200.00 7200+20000 =272

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: what will be the price of a $20,000.00 car in 5 years if the inflation rate is 6%? DO I use this formula to solve: F=P(1+r/n)nt I=(20,000)(0.06)(60)=7200.00 7200+20000 =272      Log On


   

Question 1053856: what will be the price of a $20,000.00 car in 5 years if the inflation rate is 6%?
DO I use this formula to solve: F=P(1+r/n)nt
I=(20,000)(0.06)(60)=7200.00
7200+20000
=27200.00
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
what will be the price of a $20,000.00 car in 5 years if the inflation rate is 6%?
DO I use this formula to solve: F=P(1+r/n)nt
I=(20,000)(0.06)(60)=7200.00
7200+20000
=27200.00
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P(5) = 20,000*(1.06)^5 = $26,764.51
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Cheers,
Stan H.
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