In problems 16-20, calculate the expected price in the year 2008 if you assume that there was a consistent 5% inflation rate and use the given 1988 price. answers should be rounded to the nearest penny. 16. median salary, $27,225 17. gallon of gas, $1.08 18. dozen eggs, $0.89 19. movie admission, $3.50 20. mcdonalds hamburger, $0.62

16. 72236.03 
17. 2.87 
18. 2.36
19. 9.29
20. 1.65
The exponential growth formula is as follows
[tex]y=a(1+r)^{x}[/tex]:
a is initial value
($27,225 17. gallon of gas, $1.08 18. dozen eggs, $0.89 19. movie admission, $3.50 20. mcdonalds hamburger, $0.62)
r is rate of increase (0.05)
x is time (2008-1988 = 20 years)
to solve plug in values for each one.
[tex]y=27225(1+0.05)^{20} = 72236.03[/tex]

[tex]1.08(1+0.05)^{20} = 2.87[/tex]

[tex].89(1+0.05)^{20} = 2.36[/tex]

[tex]3.50(1+0.05)^{20} = 9.29[/tex]

[tex].62(1+0.05)^{20} = 1.65[/tex]