Question
A bag of chicken breasts that originally sold for $11.50 undergoes a 7% price increase each year. Part: 0 / 20 of 2 Parts Complete Part 1 of 2 (a) Find the new cost of the bag of chicken breasts after 13 years. Round your answer to the nearest cent.
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Answer to a math question A bag of chicken breasts that originally sold for $11.50 undergoes a 7% price increase each year. Part: 0 / 20 of 2 Parts Complete Part 1 of 2 (a) Find the new cost of the bag of chicken breasts after 13 years. Round your answer to the nearest cent.
Jett
4.792 Answers
1. Substitute the values into the compound interest formula:
P = 11.50 (1 + 0.07)^{13}
2. Calculate the factor:
1 + 0.07 = 1.07
1.07^{13}\approx2.4098
3. Compute the final amount:
P\approx11.50\times2.4098\approx27.71
Therefore, the new cost of the bag of chicken breasts after 13 years is approximately27.71
2. Calculate the factor:
3. Compute the final amount:
Therefore, the new cost of the bag of chicken breasts after 13 years is approximately
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