The annual inflation rate, , for a five-year period is
Chapter , Problem 4.5.49(choose chapter or problem)
The annual inflation rate, , for a five-year period is given in Table 4.15. (a) By what total percent did prices rise between the start of 2000 and the end of 2004? (b) What is the average annual inflation rate for this time period? (c) At the beginning of 2000, a shower curtain costs $20. Make a prediction for the goods cost at the beginning of 2010, using the average inflation rate found in part (b). Table 4.15 2000 2001 2002 2003 2004 3.4% 2.8% 1.6% 2.3% 2.7%
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