cost = 5000(1.0309)^15
= ....
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?
1 answer
1 answer