IDNLearn.com offers a user-friendly platform for finding and sharing answers. Discover prompt and accurate responses from our experts, ensuring you get the information you need quickly.

the increased demand for vegetarian meals has caused an increased in the price of tufo. If the current cost of $2.99 per pound is increasing 6% per year what will it cost in 5 years


Sagot :

For this, you could use the formula for compound interest. Or just add 6% on each year. I can't remember the formula off the top of my head, so I'm going to do it manually.

[tex]2.99*1.06= 3.17 \\ 3.17*1.06=3.36 \\ 3.36*1.06=3.56 \\ 3.56*1.06=3.77 \\ 3.77*1.06=4.00[/tex]

Your final answer is $4.00