Answer: $2.80
Step-by-step explanation:
Given: Cost of one pack of pencils = $1.19
The cost of one pack of pencils is projected to increase by 135% in the next 5 years.
So, the cost of pack of pencils after 5 years = $1.19 + 135% of $1.19
= $ (1.19+1.35(1.19)) [135% = 1.35 since we divide each percent by 100 to convert in decimal]
= $ (1.19+1.6065
)
= $ 2.7965 ≈ $ 2.80 [Rounded to the nearest cent]
hence, the projected cost of a pack of pencils 5 years from now = $2.80
