Time value Personal Finance Problem As part of your financial planning, you wish to purchase a new car 8 years from today. The car you wish to purchase costs $11,000 today, and your research indicates that its price will increase by 2% to 4% per year over the next 8 years. a. Estimate the price of the car at the end of 8 years if inflation is (1) 2% per year and (2) 4% per year. b. How much more expensive will the car be if the rate of inflation is 4% rather than 2%? c. Estimate the price of the car if inflation is 2% for the next 3 years and 4% for 5 years after that. a. The price of the car at the end of 5 years, if inflation is 3% per year, is $ (Round to the nearest cent.) The price of the car at the end of 5 years, if inflation is 6% per year, is $ (Round to the nearest cent.) b. At the higher rate of inflation, the car is more expensive by $ (Round to the nearest cent.) c. The price of the car at the end of 5 years, if inflation is 3% for the next 2 years and 6% for 3 years after that, is $ (Round to the nearest cent.)