As part of your financial planning, you wish to purchase a new car 6 years from today. The car you wish to purchase costs$15,00015,000 today, and your research indicates that its price will increase by 33% to 66% per year over the next 66 years.

a.Estimate the price of the car at the end of 6 years if inflation is (1) 33% 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 2 years and 6%for 4 years after that.