For much of the 20th century, new car prices rose at an annual rate of 5.73%. Given a beginning new car price of $600, how long did it take for the average new car price to rise to $16,950? Please round to the nearest year
A) 40 years
B) 60 years
C) 70 years
D) 100 years
Answer: B
Explanation: B) n = = = 59.96 years
MODE = END
INPUT ? 5.73 -600 0 16,950
KEY N I/Y PV PMT FV
CPT 59.96
Business
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