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Math Help - annual rate of increase in the price of this car

  1. #1
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    Jan 2009
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    Smile annual rate of increase in the price of this car

    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
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  2. #2
    Junior Member
    Joined
    Nov 2008
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    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)
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