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 $12,000 today, and your research indicates that its price will increase by 3% to 6% per year over the next 8 years. a. Estimate the price of the car at the end of 8 years if inflation is (1) 3% 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 3 years and 6% for 5 years after that. a. The price of the car at the end of 8 years, if inflation is 3% per year, is $| (Round to the nearest cent.)