An item costs $12.00 in 2016 through an online retailer. Each year, the price will increase by 5%
of the previous year’s price.
A. Find the general rule for the sequence of the prices for this item.
B. Determine what the price will be in 2030.
C. If you buy one of these items each year from 2016 to 2030, how much will have you spent in
total?
My formulation ends up being 11.95*.05n
when I plug in the numbers the answers don't look right.
n years after 2016, the price will be
12.00 * 1.05^n
12*1.05^14
12*(1.05^14 - 1)/(1.05 - 1)
check out your geometric series stuff