Young people hate hearing older folks say how things were so much cheaper when they were young. A gallon of gas? 25 cents. A Coca-cola? 5 cents. A car? 500 bucks. These prices may seem cheap - but they were not - "back in the day." This is due to inflation. In a growing economy, most goods and services increase in price over time - to the tune of 2%-3% each year. The key is that workers' wages also increase. Thus, a car may have only cost $500 at some point in the past, but the average worker's salary was much, much lower back then. The inflation formula can be used to predict the future price of a good or service. The inflation formula is given by FV = PV(1+r) where FV is the future value of the good or service, PV is the present value of the good or service, r is the inflation rate, and t is number of years desired. Suppose the average four-year college degree at a public university costs $10,450 today and college inflation averages 6.61% per year. Use the inflation formula to predict what an average four-year college degree at a public university will cost 49 years from now. Round the solution to the nearest cent. $ Suppose the average loaf of bread costs $3.57 today and grocery inflation averages 2.37% per year. Use the inflation formula to predict what an average loaf of bread will cost 20 years from now. Round the solution to the nearest cent