If inflation has been running at 3.78% per year and a new car costs $35,100 today, what would it have cost 5 years ago?

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?
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If inflation has been running at 3.78% per year and a new car costs $35,100 today, what would it have cost 5
years ago?
A car that costs $35,100 today would have cost $
(Round to the nearest cent as needed.)
5 years ago.
Transcribed Image Text:If inflation has been running at 3.78% per year and a new car costs $35,100 today, what would it have cost 5 years ago? A car that costs $35,100 today would have cost $ (Round to the nearest cent as needed.) 5 years ago.
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