You are planning on purchasing a new car and have your eye on a specific model. You know that new car prices are projected to increase at a rate of 5% per year for the next few years. Find the cost of the car 3 years from now if the current price is $26,000. Write the equation that represents the projected cost C and provide a solution for the problem.
a.
C = 26,000 (1.05) (3)
$81,900
c.
C = 26,000 (3) Superscript 1.05
$82,404.45
b.
C = 26,000 (1.05) cubed
$30,098.25
d.
C = StartFraction 26,000 (3) Over 1.05 EndFraction
$74,285.71