gabriesern732 gabriesern732
  • 03-04-2020
  • Mathematics
contestada

The average price of a gallon of milk is $3.31. If the price increases .88% each year , how much will a gallon of milk cost in 20 years?

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qop
qop qop
  • 04-04-2020

Answer:

$3.94

Step-by-step explanation:

You will need to use the compound interest formula for this.

[tex]P(1+\frac{r}{n} )^{nt}[/tex]

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

Your equation will look like this:

[tex]3.31(1+\frac{.0088}{1} )^{20}[/tex] = 3.94

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