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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 4 years from now if the current price is $27,000. Write the equation that represents the projected cost C and provide a solution for the problem.

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The equation for the projected cost C is as follows:
[tex]C=C_{0}(1+r)^{t}[/tex]
where Co is the current cost, r is the rate of increase as a decimal and t is the time in years.
Plugging in the given values, we get:
[tex]C=27000(1+0.05)^{4}=$32,818.67[/tex]
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Answer:

The answer is B!

Step-by-step explanation:

edge 2021, hope this helps!