# 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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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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