Question

How to calculate inflation rate formula by linear and exponential?

Answer 1

Inflation is an example of exponential growth.  If inflation is about 4% each year, and the price of a pair of jeans is $30 now, the price of the same jeans x years from now will be:  P =...

Inflation is an example of exponential growth.  If inflation is about 4% each year, and the price of a pair of jeans is $30 now, the price of the same jeans x years from now will be:  P = 30(1.04)^x

What will the jeans cost 10 years from now?  Use a calculator to evaluate, and round to the nearest penny