' Wrote:So I put this together, x=35000(.05)^4, but I got 2187.5
On January 1, 1999, the price of gasoline was $1.39 per gallon. If the price of gasoline increased by 0.5% per month, what wsa the cost of one gallon of gasoline, to the nearest cent, on january 1 one year later?
-I really don't know in this one, would the ^x be 4, or 5? It would be I guess x=1.39(0.5)^4, right?
first one: Should be 35000(.95)^4 = 28507.719
second one: 1.39(1.005)^12 = $1.48
Those may not be right, I haven't done stuff like that in a looooong time.
Edit: Just plugged them in and got the answers, they look pretty reasonable to me.