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a bag of chicken breasts that originally sold for 11 50 undergoes a 7 price increase each year part 0 20 of 2 parts comple

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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.

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94 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 approximately

27.71

.

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