The cost of gas increases monthly at a rate of 3.2%. If gas cost $1.75 today. How much will it cost in 3 years? ( round to the nearest cent (2 decimal places) )

Respuesta :

Answer:

$1.92

Step-by-step explanation:

present cost = $1.75

time = 3 years

rate = 3.2%

cost after three years = present cost (1 +[tex]\frac{R}{100}[/tex] )^3

=$1.75 ([tex]\frac{103.2}{100}[/tex])^3

=$1.75*1.099

=$1.92

Threrefore , after 3 years cost of gas will be $1.92.