every month multiply the price by
1.005
in other words
price = 2.44 * 1.005^n
where n is the number of months from now
in 12 months
price = 2.44 * 1.005^12
= 2.44 * 1.061678
= 2,59
then 5 = 2.44 *1.005^n
or
2.04918 = 1.005^n
tale log base 10 both sides
.31158 = n ( .002166)
n = 144 months
= 12 years
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?
1 answer