CPM Homework Help : CCAA8 Problem 9-22

The increased demand for vegetarian meals has caused an increase in the price of tofu. If the current cost of $\$2.99$ per pound is increasing $6\%$ per year, what will it cost in $5$ years?

Hint:

Use the Compound Interest formula: $t(n)=$ Initial Amount $·(1+\text{rate})^n$

More Help:

Review the Math Notes box in Lesson 7.1.3.

Answer:

$\$4.00$