What is the cost in 4 years time if the average cost for a new midsized car is about USD 31000 and new car prices tend to go up about 2 percent every year?

What is the cost in 4 years time if the average cost for a new midsized car is about USD 31000 and new car prices tend to go up about 2 percent every year?
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If the price increases by 2% each it will be 100 % of the oldprice + 2 % of the old price = 102 % of the old price each yearpercent means "out of 100"→ 102 % = 102/100 = 102 ÷ 100 = 1.02Thus to find the price next year, take the price this year andmultiply it by 1.02To find the price after 1 year, multiply the current price by1.02 givingprice after 1 year ≈ current price × 1.02To find the price after 2 years, multiply the price after 1 yearby 1.02, giving:price after 2 years ≈ price after 1 year × 1.02= current price × 1.02 × 1.02= current price × 1.02²To find the price after 3 years, multiply the price after 2years by 1.02, giving:price after 3 years ≈ price after 2 years × 1.02= current price × 1.02² × 1.02= current price × 1.02³From this it can be seen that the price after n years ≈ currentprice × 1.02ⁿThus for the car which starts at $31,000: price after n years ≈$31,000 × 1.02ⁿTherefore after 4 years the price will be approx 31,000 × 1.02⁴≈ $33,555
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