Question 955484
For now, say the cost was {{{ c }}} in 2005
2006:
{{{ c + .055c }}}
2007:
{{{ ( c + .055c ) + .055*( c + .055c ) }}}
{{{ ( c + .055c )*( 1 + .055 ) }}}
{{{ c*( 1 + .055)^2 }}}
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From 2005 to 2011 is {{{ 6 }}} yrs
{{{ 29026*( 1 + .055 )^6 }}}
{{{ 29026*1.055^6 }}}
{{{ 29026*1.37884 = 40022.21 }}}
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In 2011, the average cost is:
$40,022.21