Answer:
$500
Step-by-step explanation:
Today the price of a Jeep is $25,000.
In 1970, the price was $5,000.
We need to find the relative price. It can be calculated as follows :
So, the relative price is $500.
PLEASE HELP!!!!
2 answers:
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Answer:
Future value = $755.61 ( to the nearest cent)
Step-by-step explanation:
The formula for calculating the future value of an invested amount compounded periodically for a number of years is given as:
where:
FV = future value = ???
PV = present value = $575
r = interest rate in decimal = 5.5% = 0.055
n = number of compounding periods per year = quarterly = 4
t = time of investment = 5 years
∴
∴ Future value = $755.61 ( to the nearest cent)