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You may have noticed that prices of goods and services, such as a cup of coffee gradually increase over a long period of time. This is a symptom of "inflation". It is a fact of life in a stable, steadily growing economy.
Of course one of the downsides is that the purchasing power of the currency in your wallet decreases over time, which is one of the reasons why governments try to limit the rate of inflation.
In this video, we track the price of a typical cup of coffee, assuming a constant target rate of inflation of 2% and find out how much it will cost in 10 years, and how long it will take for the price to double, with the help of geometric sequences.
Sequences & Series
- What are Geometric Sequences?
- Modelling Price Inflation with Geometric Sequences
- Geometric Sequences: Find the 4th term given the 7th term
- Geometric Sequences: Find the first term and common ratio
- Geometric Sequences: The Geometric Mean
Thanks for watching. Please give me a "thumbs up" if you have found this video helpful.
Please ask me a maths question by commenting below and I will try to help you in future videos.
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