ms sue for my question before i mean how much is the dresser in 3 years?
I showed you how to figure the value of the dresser for the first two years. I'm sure you can follow that pattern and find the value of the dresser for the third year.
To determine the price of a dresser in 3 years, you will need more information. Without any additional details, it is not possible to estimate the future price accurately. However, I can guide you on how to approach finding an answer.
1. Identify the starting price: Determine the current cost of the dresser you are interested in purchasing. For example, let's say the current price is $500.
2. Consider the average inflation rate: Inflation refers to the general increase in prices over time. Find out the average annual inflation rate for furniture or home goods. This information can typically be found from government sources or reputable financial institutions.
3. Calculate the future price: Assuming the average inflation rate for furniture is 3% per year, you can estimate the future price by using a compound interest formula: Future price = Current price * (1 + Inflation rate)^Number of years. Using the example above, the calculation would be: $500 * (1 + 0.03)^3.
Remember, these calculations are only estimations and may not accurately represent the actual price in 3 years. Additionally, economic factors and other variables may influence the price of the dresser. Contacting the retailer directly or referring to pricing data for similar items in the past may provide a more reliable estimate.