Bart Simpson, age 9, wants to be able to buy a really cool new car when he turns 16. His really cool car costs$17,000 today, and its cost is expected to increase 3 percent annually. Bart wants to make one deposit today (he can sell his mint-condition original Nuclear Boy comic book) into an account paying 7.9 percent annually in order to buy his car in 7 years. How much will Bart's car cost, and how much does Bart have to save today in order to buy this car at age 16?

Part 1

a. How much will Bart's car cost after 7 years?