Question: Suppose that all prices rise at the same proportional rate in a country whose inflation rate is 19% per year. For an item that currently costs P0, use the implied formula P(t) = P0(1.19)t for the price after t years in order to predict the prices of:
(a) A 20 kg bag of corn, presently costing $16, after 5 years.
(b) A $4.40 can of coffee after 10 years.
(c) A $250 000 house after 4 years.