Calculate the cost.

A smartphone costs $1,000 at 6% inflation per year, what will the cost in 10 years be.

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ABCDEF7 · M

A = final amount
P = initial principal balance
r = interest rate(decimal)
n = number of times interest applied per time period(say a year)
t = number of time periods(years) elapsed

A = 1000(1+0.06/1)^10

After rounding off..
A = 1790.85