Write and evaluate the following:
The annual inflation rate is 5%. This means that the cost of any item increases by 5% each year.
a. If a bicycle costs ₱4,350.00 today, how much did it cost 5 years ago?
b. If an air conditioner costs ₱8,250.00, how much did it cost 2 years ago?
< show your solution > < pls help me i need it rn > :<
The annual inflation rate is 5%. This means that the cost of any item increases by 5% each year.
a. If a bicycle costs ₱4,350.00 today, how much did it cost 5 years ago?
b. If an air conditioner costs ₱8,250.00, how much did it cost 2 years ago?
< show your solution > < pls help me i need it rn > :<
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Write and evaluate the following:
The annual inflation rate is 5%. This means that the cost of any item increases by 5% each year.
a. If a bicycle costs ₱4,350.00 today, how much did it cost 5 years ago?
- 3, 408.34
= 5 x 2.13% = 0.106
= 4, 350/0.106 = 40835
b. If an air conditioner costs ₱8,250.00, how much did it cost 2 years ago?
- 7, 482.99
= 5 x 2.13% = 0.106
= 8,250 /0.112 = 7, 486