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Lana71 [14]
3 years ago
12

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.
Mathematics
1 answer:
Gnesinka [82]3 years ago
3 0

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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