A new pair of sneakers costs $70 now. What is the cost of the shoes 5 years from now if the price increases 8% per year?
2 answers:
Answer:
Option A. $103.
Step-by-step explanation:
A new pair of sneakers cost $70 now.
The cost of the shoes after 5 years if the price increases 8% per year.
We will solve it by this formula
Where A = final amount after t years
r = rate of increase
n = compounded in a year
t = time in years
A = 70(1.08)⁵
A = 70 × 1.46932808
A = 102.8529 ≈ $103
Option A $103 is the answer.
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