Predicting Price Using Inflation Rate
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St. Kitts and Nevis is a small Caribbean island country that uses East Caribbean Dollars (XCD) as currency. Their annual growth rate is 2.1% and their inflation rate is 3.6%.
Use the equation S=C(1+r/100)^5 to find the inflated cost S, in 5 years, of an item, good or service, where C is the current price of that item in XCD and where the inflation rate is r%. Choose any value of C, the current price of an item in XCD, that you would like.
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Solution Summary
Using the inflation rate given for St. Kitts and Nevis, the price of a car in five years is calculated.
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Country : St. Kitts and Nevis
Inflation rate : 3.6%
Currency : East Caribbean Dollars ...
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