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4. A Tesla car cost $32,500 in 2020. If inflation was 8.5% that year, what did the same
car cost in 2021?

Sagot :

GinnyAnswer
Sure, let's solve this problem step by step.

### Step 1: Identify the initial cost of the car in 2020.
The initial cost of the car in 2020 is [tex]$32,500. ### Step 2: Determine the rate of inflation. The inflation rate for the year is 8.5%. ### Step 3: Calculate the amount of cost increase due to inflation. To find the cost increase, multiply the initial cost by the inflation rate: \[ \text{Cost Increase} = \text{Initial Cost} \times \text{Inflation Rate} \] The inflation rate in decimal form is 0.085. So, \[ \text{Cost Increase} = 32,500 \times 0.085 \] ### Step 4: Determine the cost increase in 2021. From the calculation: \[ \text{Cost Increase} = 2,762.5 \] ### Step 5: Find the total cost of the car in 2021. To get the car’s total cost in 2021, add the cost increase to the initial cost: \[ \text{Car Cost in 2021} = \text{Initial Cost} + \text{Cost Increase} \] \[ \text{Car Cost in 2021} = 32,500 + 2,762.5 \] ### Step 6: Result. Thus, the total cost of the car in 2021 is: \[ 35,262.5 \] Therefore, after accounting for 8.5% inflation, the cost of the same Tesla car in 2021 is $[/tex]35,262.5.
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