Time value Personal Finance ProblemAs part of your financial planning, you wish to purchase a new car 7 years from today. The car you wish to purchase costs $19,000 today, and your research indicates that its price will increase by 3% to 6% per year over the next 7 years.

a.Estimate the price of the car at the end of 7 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 4 years after that.

a. The price of the car at the end of 7 years, if inflation is 3% per year, is $nothing. (Round to the nearest cent.)