sahil65052
sahil65052 sahil65052
  • 25-04-2018
  • Mathematics
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mathmate
mathmate mathmate
  • 28-04-2018
Inflation at a constant rate can be solved using the compound interest formula:

present value, P = 2.80
inflation rate, i = 2.8% = 0.028
period, n = 7 (years)

Value in 7 years,
future value
= P(1+i)^n
= 2.8(1.028)^7
= 3.3971
= 3.40  (to the nearest cent)
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