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As a result of inflation, the purchasing power of a fixed quantity of money decreases by 5% every year. If a certain quantity of money can buy 940 frozen dinners this year, how many frozen dinners can it buy in 16 years?

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raphealnwobi

There would be 413 frozen dinners in the next 16 years.

How to solve an exponential function?

Let y represent the amount of frozen dinners after x years.

If a certain quantity of money can buy 940 frozen dinners this year, and it decreases by 5% every year, hence:

y = 940(0.95)ˣ

In 16 years:

y = 940(0.95)¹⁶

y = 413.71

There would be 413 frozen dinners in the next 16 years.

Find out more on exponential function at: https://brainly.com/question/12940982

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