The rate of inflation is 3%. The cost of an item in future years can be found by iterating the function c(x)=1.03x. Find the cos
t of a $1500 refrigerator in three years if the rate of inflation remains constant.
Select one:
a. $1645.00
b. $1545.00
c. $1639.09
d. $1539.99
1 answer:
year 1
cost = 1.03 (1500) = 1545
put 1545 in for x in year 2
year 2
1.03 * 1545 = 1591.35
put in 1591.35 in for x in year 3
year 3
1.03 *1591.35=1639.0905
round to the nearest cent
cost in three years: $1639.09
Choice C
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