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Time value Personal Finance Problem As part of your financial planning, you wish to purchase a new car 6 years from today. The car you wish to purchase costs $14,000 today, and your research indicates that its price will increase by 3% to 6% per year over the next 6 years a. Estimate the price of the car at the end of 6 years if inflation is (1) 3% per year and (2) 6% per year b. How much more expensive will the car be if the rate of inflation is 6% rather than 3%? c. Estimate the price of the car if inflation is 3% for the next 3 years and 6% for 3 years after that a. The price of the car at the end of 6 years, if inflation is 3% per year is SL (Round to the nearest cent) The price of the car at the end of 6 years, if inflation is 6% per year, is S (Round to the nearest cent) b. At the higher rate of inflation, the car is more expensive by S (Round to the nearest cent.) c The price of the car at the end of 6 years, if flation is 3% for the next 3 years and 6% for 3 years after that s S Round to the nearest cent

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