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3 years ago

A car rental cost $90.00 last year. This year it cost $102.99. What is the inflation rate, to the nearest tenth percent?

Business

1 answer:

zhannawk [14.2K]3 years ago

3 0

Answer:

14.43%

Explanation:

Given that

Last year rental cost of the car = $90

This year rental cost of the car = $102.99

So, the inflation rate equal to

= (This year rental cost of the car - Last year rental cost of the car) ÷ (Last year rental cost of the car)

= ($102.99 - $90) ÷ ($90)

= ($12.99) ÷ ($90)

= 14.43%

We simply applied the above formula to compute the inflation rate

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