The average cost of a certain model car was 18000 ten years, Business Economics

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The average cost of a certain model car was 18000 ten years

The average cost of a certain model car was $18,000 ten years ago. This year the average cost is $30,000.

(a) Calculate the average monthly inflation rate ( fm) for this model.

(b ) Given the monthly rate fm , what is the effective annual rate, f, of inflation for this model.

(c ) Estimate what these will sell for 10 years from now, expressed in today's dollars. Contributed by D. P. Loucks, Cornell University

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