The price of gas went up by 0.5% last month. Suppose gas currently costs $2.44 a gallon. If the price of gas continues to increase at this rate... What will it cost one year from now? When will it cost $5 a gallon.

Answer 1

in one year, 2.44 * 1.005^12

In n months, it will cost $5.00, when
2.44*1.005^n = 5.00