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Assume the inflation rate is constant at 3.5% and applied at the beginning of every year. If the price of a box of cereal is $2.29 in 2011, how much will the box of cereal cost in the year 2036?

Assume the inflation rate is constant at 3.5% and applied at the beginning of every year. If the price of a box of cereal is $2.29 in 2011, how much will the box of cereal cost in the year 2036?

Algebra for College Students
Algebra for College Students
10th Edition
ISBN:9781285195780
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
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1 2 3 Arithmetic Sequence Geometric Sequence 4 First Term 3.72 First Term 2.29 Common Difference 5.25 Common Ratio 1.035 7 Sequence Terms (a_n) nth Partial Sums (S_n) Sequence Terms (a_n) nth Partial Sums (S_n) n n 8 1 3.72 3.72 1 2.29 2.29 2 8.97 12.69 2 2.37015 4.66015 10 14.22 26.91 3 2.45310525 7.11325525 11 4 19.47 46.38 4 2.538963934 9.652219184 12 24.72 71.1 5 2.627827671 12.28004686 13 29.97 101.07 6. 2.71980164 14.9998485 14 35.22 136.29 7 2.814994697 17.81484319 15 8 40.47 176.76 8 2.913519512 20.7283627 16 45.72 222.48 3.015492695 23.7438554 17 10 50.97 273.45 10 3.121034939 26.86489034 18 11 56.22 329.67 11 3.230271162 30.0951615 19 12 61.47 391.14 12 3.343330652 33.43849215 20 13 66.72 457.86 13 3.460347225 36.89883938 21 14 71.97 529.83 14 3.581459378 40.48029876 22 15 77.22 607.05 15 3.706810456 44.18710921 23 16 82.47 689.52 16 3.836548822 48.02365803 24 17 87.72 777.24 17 3.970828031 51.99448607 25 18 92.97 870.21 18 4.109807012 56.10429308 26 19 98.22 968.43 19 4.253650258 60.35794334 27 20 103.47 1071.9 20 4.402528017 64.76047135 28 21 108.72 1180.62 21 4.556616497 69.31708785 29 22 113.97 1294.59 22 4.716098075 74.03318592 30 23 119.22 1413.81 23 4.881161507 78.91434743 31 24 124.47 1538.28 24 5.05200216 83.96634959 32 25 129.72 1668 25 5.228822236 89.19517183 33 26 134.97 1802.97 26 5.411831014 94.60700284 34 27 140.22 1943.19 27 5.601245099 100.2082479 35 28 145.47 2088.66 28 5.797288678 106.0055366 36 29 150.72 2239.38 29 6.000193782 112.0057304 37 30 155.97 2395.35 30 6.210200564 118.215931 38 31 161.22 2556.57 31 6.427557584 124.6434885 39 32 166.47 2723.04 32 6.652522099 131.2960106 40 33 171.72 2894.76 33 6.885360373 138.181371 41 34 176.97 3071.73 34 7.126347986 145.307719 42 35 182.22 3253.95 35 7.375770165 152.6834892 43 36 187.47 3441.42 36 7.633922121 160.3174113 44 37 192.72 3634.14 37 7.901109395 168.2185207 45 38 197.97 3832.11 38 8.177648224 176.3961689 46 39 203.22 4035.33 39 8.463865912 184.8600348 47 40 208.47 4243.8 40 8.760101219 193.620136 7.
Transcribed Image Text:1 2 3 Arithmetic Sequence Geometric Sequence 4 First Term 3.72 First Term 2.29 Common Difference 5.25 Common Ratio 1.035 7 Sequence Terms (a_n) nth Partial Sums (S_n) Sequence Terms (a_n) nth Partial Sums (S_n) n n 8 1 3.72 3.72 1 2.29 2.29 2 8.97 12.69 2 2.37015 4.66015 10 14.22 26.91 3 2.45310525 7.11325525 11 4 19.47 46.38 4 2.538963934 9.652219184 12 24.72 71.1 5 2.627827671 12.28004686 13 29.97 101.07 6. 2.71980164 14.9998485 14 35.22 136.29 7 2.814994697 17.81484319 15 8 40.47 176.76 8 2.913519512 20.7283627 16 45.72 222.48 3.015492695 23.7438554 17 10 50.97 273.45 10 3.121034939 26.86489034 18 11 56.22 329.67 11 3.230271162 30.0951615 19 12 61.47 391.14 12 3.343330652 33.43849215 20 13 66.72 457.86 13 3.460347225 36.89883938 21 14 71.97 529.83 14 3.581459378 40.48029876 22 15 77.22 607.05 15 3.706810456 44.18710921 23 16 82.47 689.52 16 3.836548822 48.02365803 24 17 87.72 777.24 17 3.970828031 51.99448607 25 18 92.97 870.21 18 4.109807012 56.10429308 26 19 98.22 968.43 19 4.253650258 60.35794334 27 20 103.47 1071.9 20 4.402528017 64.76047135 28 21 108.72 1180.62 21 4.556616497 69.31708785 29 22 113.97 1294.59 22 4.716098075 74.03318592 30 23 119.22 1413.81 23 4.881161507 78.91434743 31 24 124.47 1538.28 24 5.05200216 83.96634959 32 25 129.72 1668 25 5.228822236 89.19517183 33 26 134.97 1802.97 26 5.411831014 94.60700284 34 27 140.22 1943.19 27 5.601245099 100.2082479 35 28 145.47 2088.66 28 5.797288678 106.0055366 36 29 150.72 2239.38 29 6.000193782 112.0057304 37 30 155.97 2395.35 30 6.210200564 118.215931 38 31 161.22 2556.57 31 6.427557584 124.6434885 39 32 166.47 2723.04 32 6.652522099 131.2960106 40 33 171.72 2894.76 33 6.885360373 138.181371 41 34 176.97 3071.73 34 7.126347986 145.307719 42 35 182.22 3253.95 35 7.375770165 152.6834892 43 36 187.47 3441.42 36 7.633922121 160.3174113 44 37 192.72 3634.14 37 7.901109395 168.2185207 45 38 197.97 3832.11 38 8.177648224 176.3961689 46 39 203.22 4035.33 39 8.463865912 184.8600348 47 40 208.47 4243.8 40 8.760101219 193.620136 7.
Assume the inflation rate is constant at 3.5% and applied at the beginning of every year. If the price of a box of cereal is $2.29 in 2011, how much will the box of cereal cost in the year 2036?
Transcribed Image Text:Assume the inflation rate is constant at 3.5% and applied at the beginning of every year. If the price of a box of cereal is $2.29 in 2011, how much will the box of cereal cost in the year 2036?
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