Anew pair of sneakers costs $70 now. what is the cost of the shoes 5 years from now if the price increases 8% per year?
a. $103
b. $95
c. $88`
d. $109

Option A. $103.

Step-by-step explanation:

A new pair of sneakers cost $70 now.

The cost of the shoes after 5 years if the price increases 8% per year.

We will solve it by this formula

Where A = final amount after t years

r = rate of increase

n = compounded in a year

t = time in years

A = 70(1.08)⁵

A = 70 × 1.46932808

A = 102.8529 ≈ $103

Option A $103 is the answer.

it 2

step-by-step explanation:

8^1/3=2