How do I solve this with a TI-83 Plus calculator? I have the equation and throug

Question

How do I solve this with a TI-83 Plus calculator? I have the equation and through Chegg, I know the answer is 6.116, but whenever I put the formula in my calculator, I get 2 different answers.

I put it in as:

   and I get the answer it shows, which is not correct.

When I put it in as this:

   I got the answer shown here, which is also wrong.

My final exam is this week so I need to know how to do this correctly ASAP. Please help if you can.

53-56: Exact Formulas. Compare the doubling times found with the approximate and exact doubling time formulas. Then use the ex act doubling time formula to answer the given question. 53. Inflation is causing prices to rise at a rate of 12% per year For an item that costs $500 today, what will the price be in 4 years?

Explanation / Answer

If inflation is 12% per year

Then inflation after 1 year =$500*1.12

Then inflation after 2nd year =$500*(1.12)^2

Then inflation after 3rd year =$500*(1.12)^3

Then inflation after 4th year =$500*(1.12)^4 = $786.75968

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