If the inflation rate averages 3 percent over the next 8 years, the expected cost of services for any year in that time frame is given by C (x) = K â‹… 1.03x, where K is the present cost. If the cost of a haircut is presently $10.95, find the expected cost 8 years from now.

The expected cost 8 years from now = $13.87

Explanation:

If the inflation rate averages 3 percent yearly over the next 8 years, the expected cost of services for any year in that time frame is given by

C (x) = K (1.03)ˣ

where

K = present cost = $10.95

x = time in years = 8

So, the expected cost of a haircut 8 years from now would be

C(x=8) = 10.95 (1.03)⁸ = $13.87

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