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Exercise 4

Avg difficulty 2.5

The current inflation rate is 2.92%. If this continues for the next 10 years find the cost of the following items in the year 2029. Note: Inflation is Continuous Compound Interest.

  1. Gas Average: $3.49

  2. Dozen Eggs: $1.99

  3. Bread: $3.29

  4. Basic Monthly Cell Phone bill: $79.99

  5. Average cost of downloading a song: $1.99

Lee et al., Math in Society, Financial Math — Chapter 2 Review, Exercise 4

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Adapted from Math in Society © 2018–2024 Portland Community College Math Instructors. Licensed under CC BY-SA 4.0. Source: Math in Society. Imported at revision 68ee43c.