1.Housing prices have been rising by 6% per year. A house now costs $250,000. What would it have cost 10 years ago? (Round your answer to the nearest cent.)
2.Inflation has been running 1% per year. A car now costs $30,000. How much would it have cost 10 years ago? HINT [See Example 3.] (Round your answer to the nearest cent.)
3.Determine the amount of money, to the nearest dollar, you must invest at 10% per year, compounded annually, so that you will be a millionaire in 31 years.