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For much of the 20th century, new car prices rose at an annual rate of 5.73%. given a beginning new car price of $600, how long did it take for the average new car price to rise to $16,950? please round to the nearest year.

User Mariotomo
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It took 59.96 years (log (base : (1+5.73%)(16,950/600)) for the average new car price to rise to $16,950 from $600 with 5.73% annual increasing. This problem can be solved using the future value with compounding interest formula which stated as FV = P (1+i)^n where FV is the future value, P is the present value, i is the interest rate, and n is the period of time. We can assume that 5.73% is the interest, $16,950 is the future value, and $600 is the present value.
User Villan
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