math

Suppose that inflation is 3% per year. This means that the cost of an item increases by 3% each year. Suppose a jacket cost $150 in 2011. How long will it take for the jacket to cost $300 dollars?

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asked by tom
  1. solve for x in

    150*1.03^x = 300
    1.03^x = 2
    x log1.03 = log2
    x = log2/log1.03 = 23.45 years

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    posted by Steve
  2. 77

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