Solve. If a gallon of milk costs $3 now and the price is increasing 10% each year, how long before a gallon of milk costs $10?
1 answer:
Answer: 12.63 years
Step-by-step explanation:
Hi, to answer this question we have to apply the next formula:
A = P (1 + r) t
Where:
p = original price
r = increasing rate (decimal form)
t= years
A = price after t years
10= 3 (1 + 10/100) t
10= 3(1.1)^t
10/3= 1.1^t
log 10/3 = log 1.1^t
log 10/3 = t log 1.1
log (10/3)/ log 1.1 =t
t = 12.63 years
Feel free to ask for more if needed or if you did not understand something.
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Step-by-step explanation:
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