The average price of a compact car in 2018 is $23,456. If inflation on compact cars...

The average price of a compact car in 2018 is $23,456. If inflation on compact cars is 2.69% per

year, how much will a compact car cost in 2023?

Expert Solution

We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period

A=23,456*(1.0269)^5

=23,456*1.14193338

=$26785.19(Approx)

jeff jeffy answered 2 years ago

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