In Problems 20-52: a. State the type; and (mathbf{b}). Answer the question. The price of automobiles has
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In Problems 20-52:
a. State the type; and \(\mathbf{b}\). Answer the question.
The price of automobiles has increased at \(6.25 \%\) per year. How much would you expect a \(\$ 20,000\) automobile to cost in 5 years if you assume annual compounding?
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