Use this formula: I=prt, I is the interest, r- the principal(the original price of the car), r-the rate, t-time in years. So I=1130, p=18000, t=10. Find r. r=I/(pt)
mid 1990's avg cost of a vehicle was 18000$. 10 years later, the avg cost of those same cars is now 29300$. What is the annual reat of increase in the price of the car?
I came up with 1130 dollars a year, but I think the answer has to be in percentage form. HELP