Question

describe how to find the price of a blender 3 years from now the inflation is constant at 4% and the the blender costs 47$ today

Answer 1

so percent means parts out of 100 so 4%=4/100=0.04 inflation is increase in cost 1=100% 100%+4%=1+0.04=1.04 so 1 year from now, the blender will cost 47+(47 times 0.04)=47 times 1.04 next year it will be (47 times 1.04) times 1.04 next year it will be ((47+(47 times 1.04) times 1.04) times 1.04 the answer is it will cost $52.87