Question

PLEASE HELP ASAP!

Write an explicit process for the situation below, then answer the question.

Due to inflation, the cost of a particular good is expected to increase by 2 percent per year. If the good currently costs $50, how much will it cost in 5 years?
Round your answer to the nearest cent.

Answer 1

`y=50*1.02^x`

Explanation:

x is years after the current year and y is the cost

in 5 years it'll be $55.20