Answer:
$50,682.50
Explanation:
Given that,
Cost of dream car = $47,900
Annual rate = 1.9 percent
Time period, n = 3 years
The formula for calculating cost is as follows:
Amount = Principal × [1 + (Annual rate ÷ 100)]^n
= $47,900 × [1 + (1.9 ÷ 100)]^3
= $47,900 × [1 + 0.019]^3
= $47,900 × 1.058089859
= $50,682.50(Approx)
