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Price of gasoline will continue to inflate at rate

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Reference no: EM132115839

The average price of gasoline in 2005 was $2.31 per gallon. In 1993, the average price was $1.07. The average annual rate of increase in the price of gasoline over this 12-year period is 6.62%. If we assume that the price of gasoline will continue to inflate at this rate, how long will it be before we are paying $6.62 per gallon?

(HINT: skip units and round up to 2 decimal points, e.g. 0.12)

Reference no: EM132115839

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