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A car today costs $32000. Assume that the average annual rate of growth per year was 5.83% over the last 45 years to answer the...Asked by Adam
A car today costs $32000. Assume that the average annual rate of growth per year was 5.83% over the last 45 years to answer the following question.
Round all answers to the nearest whole dollar.
How much would the same value of car have cost 45 years ago in 1969?
$
1969's dollars
How much future money will the same car cost 45 years in the future?
$
in 2059's dollars
Round all answers to the nearest whole dollar.
How much would the same value of car have cost 45 years ago in 1969?
$
1969's dollars
How much future money will the same car cost 45 years in the future?
$
in 2059's dollars
Answers
Answered by
Steve
in 1969: 32000 / 1.0583^45 = ?
in 2059: 32000 * 1.0583^45 = ?
in 2059: 32000 * 1.0583^45 = ?
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