The price of a Wendy's Bacon Cheeseburger is $.99,the same as it was five years ago.Had the price of this sandwich increased at the same 3% annual rate as U.S.consumer prices did over the last five years,what would its price be today?
A) $1.15
B) $1.02
C) $1.12
D) $1.22
E) $ .84

Question

Quizplus · Accepted Answer

FV = PV × 11ea7fdb_fc22_1a32_a768_51c79fd2e02c_TB2902_00 FV = .99 × (1.03 11ea7fdb_fc22_1a33_a768_f16f2fcd78c1_TB2902_00 = $1.15
Using a financial calculator:
N = 5, I/Y = 3, PV = -.99, PMT = 0, cpt FV = $1.15

The Price of a Wendy's Bacon Cheeseburger Is