One pack of pencils currently costs $1.19. The cost of one pack of pencils is projected to increase by 135% in the next 5 years. What is the projected cost of a pack of pencils 5 years from now? (Round your answer to the nearest cent.)

$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

step-by-step explanation:

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