Suppose your parents spend an average of $\$300$ each month for your food.  

1. In five years, when you are living on your own, how much will you be spending on food each month if you are eating about the same amount and inflation averages about $4\%$ per year?

   Hint (a): 

   Each year, food will cost $1.04$ times the cost of the previous year.

   Answer (a):

   $300(1.04)^5\approx365.00$

2. Write an equation that represents your monthly food bill $x$ years from now if both the rate of inflation and your eating habits stay the same.

   Hint (b):

   What does the exponent mean in the equation used in part (a)?