Question

On January 1 of a certain year, the price of gasoline was $2.29 per gallon. Throughout the year, the price of gasoline increased by 2.5% per month. What was the cost of one gallon of gasoline, to the nearest cent, one year after January 1?​

Answer 1

$3.08

Explanation:

`2.29(1.025)^(12) \approx \$3.08`