Frank owns an ice cream van. When he bought the van five years ago and an ice cream cost £1.50. If the price of an ice cream increases by 3% a year how much does an ice cream cost now?
new amount = old amount * (1 + interest)^(number of times interest has occured)
new amount = 1.50 * (1 + 0.03)^5 = £1.74 (rounded to 2 decimal places)
TN
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