It took 59.96 years (log (base : (1+5.73%)(16,950/600)) for the average new car price to rise to $16,950 from $600 with 5.73% annual increasing. This problem can be solved using the future value with compounding interest formula which stated as FV = P (1+i)^n where FV is the future value, P is the present value, i is the interest rate, and n is the period of time. We can assume that 5.73% is the interest, $16,950 is the future value, and $600 is the present value.
