$\text { If the rate of inflation is } 3 \frac { 1 } { 2 } \% \text { per year and the average price of a car is currently }$

question 62

Multiple Choice

$\text { If the rate of inflation is } 3 \frac { 1 } { 2 } \% \text { per year and the average price of a car is currently }$ $\$ 40,000$ , the average price after $n$ years is $P _ { n } = \$ 40,000 ( 1.035 ) ^ { n }$ . Compute the average price after 6 years. Round your answer to two decimal places.

• A) \(\$ 32,301.59\)
• B) \(\$ 49,170.21\)
• C) \(\$ 248,400.00\)
• D) \(\$ 45,937.01\)
• E) \(\$ 231,600.00\)

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