The current cost of gourmet coffee Is $14 per pound At the corner market the cost has increased 10% Per year over the past few y
ears What did the coffee cost 2 years before ?
1 answer:
Answer:
$11.57
Step-by-step explanation:
Let's call the price of the coffee two years ago by X.
The price increased 10% per year (that is, the price is multiplied by 1+0.1=1.1) over two years, so the current price is:
X * 1.10 * 1.10 = X * 1.21
If the current price is $14, we have that:
X * 1.21 = 14
X = 14/1.21 = 11.57
The price of the coffee two years ago was $11.57
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