A consumer survey conducted in two consecutive years determined that a fixed baskets of goods and services cost $95.00 in year 1
and $96.25 in year 2.
The rate of inflation from year 1 to year 2 is ___ %.
Fill in blank.
1 answer:
Answer:
1.315%
Step-by-step explanation:
Given:
Prices:
Year 1 =old price =$95
Year 2 = new price = $96.25
The inflation rate is the difference in price between two Given period :
Inflation rate :
(Change in price / old price) * 100%
((New price - old price) / old price) * 100%
((96.25 - 95) / 96) * 100%
= (1.25 / 95) * 100%
= 0.0131578 * 100%
= 1.315%
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Step-by-step explanation:
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