Question

In 1949, the inflation rate in the United States was -2%If a car cost $1500 at the beginning of the year, what did it cost at the end of the year

Answer 1

Based on the inflation rate in the United States in 1949, the cost of the car at the end of the year would be $1,470.

What is the cost of the car at year's end?

The cost can be found by the formula:

= Cost x (1 + inflation rate)

The inflation rate is negative so solving gives:

= 1,500 x (1 - 2%)

= $1,470

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