From 1992 through 2007, the purchasing power of a dollar decreased by about 3.5% per a year. using 1992, as the base for comparison, what was the purchasing power of a dollar in 2007? formula: y=c(1−r)t $0.48 $0.57 $0.44 $0,59

fourth option $0.59

Explanation:

1) Given formula: y=C(1−r)^t

I will change t for x just due to editor limitations: y = C(1-r)ˣ

2) In that:

C =$1,
r = 3.5% = 3.5/100 = 0.035
x = t = 2007 - 1992 = 15

3) Compute

y = $1 (1 - 0.035)¹⁵ = $1 (0.965)¹⁵ = $0.586 ≈ $0.59

$0.59

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The answer would be a