Asked by Tyreice
Professor Smith has invented a time machine and is going to travel back in time 15 years to buy his wife a diamond ring. The ring cost $5000, 15 years ago . The average rate of inflation is 3.09% per year. Round answers to nearest whole $.
How much money would the Professor have to pay for the same ring today?
How much money would the Professor have to pay for the same ring today?
Answers
Answered by
Reiny
cost = 5000(1.0309)^15
= ....
= ....
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