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A bar of soap cost R8,51 in 2014. If the inflation rate in 2015 was 6,3%, what would be the price of the soap in 2015?

April 22, 2026Economics

ScanSolve AI Answer

Answer

\text{R}9,05

4 steps

Identify the given values.
The current price of the soap (in 2014) is R8,51.
The expected inflation rate for 2015 is 6,3%.
Convert the inflation rate to a decimal.
$6,3\% = \frac{6,3}{100} = 0,063$
Calculate the price in 2015 using the inflation formula.
The future price (FV) is calculated as:
$FV = PV \times (1 + \text{inflation rate})$
Where $PV$ is the present value.

Substitute the given values:
$FV = \text{R}8,51 \times (1 + 0,063)$ $FV = \text{R}8,51 \times (1,063)$ $FV = \text{R}9,04613$
Round the answer to two decimal places, as it represents currency.
$FV \approx \text{R}9,05$
The price of the soap in 2015 will be R9,05.

The final answer is $\text{R}9,05$ .