In February, 1985, the cost of a gallon of milk was $2.26. In November of 2007, how much would that gallon of milk cost?
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Notice, the graph starts off with an account balance of $10, at the 10 over the y-axis, that means the initial amount in the account, or what he initially deposited was 10 bucks.
now... let's use any of the points, say hmm the 2, 10.44.
after 2 years, he's got an extra 44 cents in it, went up to 10.44.
bearing in mind that is a linear graph, and thus is a simple interest rate.
now... let's use any of the points, say hmm the 2, 10.44.
after 2 years, he's got an extra 44 cents in it, went up to 10.44.
bearing in mind that is a linear graph, and thus is a simple interest rate.