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Answer :
The cost of a gallon of gas in 60 years would be approximately $22.49.
To calculate the future cost of a gallon of gas, we need to consider the rate of inflation. In this case, the inflation rate is given as 3.5%. This means that the price of gasoline will increase by 3.5% annually.
To find the future price after 60 years, we can use the compound interest formula:
Future Value = [tex]Present Value * (1 + inflation rate)^n^u^m^b^e^r[/tex]of years
Substituting the given values into the formula, we have:
Future Value = 3.70 * (1 + 0.035)⁶⁰ ≈ 22.49
Therefore, in 60 years, the cost of a gallon of gas would be approximately $22.49.
It's important to note that inflation rates can fluctuate over time, and various factors can impact the price of gasoline. This calculation assumes a constant inflation rate and only considers the effect of inflation on the gas price.
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