Suppose your parents spend an average of
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?
Each year, food will cost
times the cost of the previous year.
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.
What is the initial value and what is the multiplier?