You are preparing to buy the new car and you have your eye on the specific model. You know that new car prices are expected to increase at 6% per year for next few years.
A.) Write the equation which represents projeted cost C(t) of the new car after t years, provided that it costs $17,000 today.
B.) Find the growth facor for the equation? what is the growth rate?
C.) Use the equation C(t) to forecast cost of car 3 years from today.