Today a typical family of four spends $897.20/ month for food. If inflation occurs at the rate of 3%/ year over the next 6 years

Question

Naddika [18.5K]

3 years ago

6

Today a typical family of four spends $897.20/ month for food. If inflation occurs at the rate of 3%/ year over the next 6 years

, how much should the typical family of four expect to spend for food 6 years from now?

Mathematics

1 answer:

mezya [45] · Answer 1 · 2022-01-12T16:56:37+03:00

mezya [45]3 years ago

6 0

Answer:

1071.30 per month

Step-by-step explanation:

The multiplier each year is 1 + .03 = 1.03. After 6 years, the cost has been multiplied by that factor 6 times, so has been multiplied by 1.03⁶ ≈ 1.194052.

$897.20 × 1.194052 ≈ $1071.30