The rate of inflation is 3%. The cost of an item in future years can be found by iterating the function c(x) = 1.03x. Find the cost of a $1500 refigerator in three years if the rate of inflation remains consistant.

Select one:
a. $1545.00
b. $1539.99
c. $1645.00
d. $1639.09

(completely lost, please help)

Question

The rate of inflation is 3%. The cost of an item in future years can be found by iterating the function c(x) = 1.03x. Find the cost of a $1500 refigerator in three years if the rate of inflation remains consistant.

Select one:
a. $1545.00
b. $1539.99
c. $1645.00
d. $1639.09

(completely lost, please help)

mathmale · Answer

Are you sure you haven't left something out of your posted problem statement?
Check it carefully.

anonymous · Answer

no thats the whole problem