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If the market basket for home appliances was in 1996 and in 2003, what was the inflation rate over
this period? (Round your answer to the nearest hundredth of a percent.)
Provide your answer below:

Ask by Bush Boone. in Canada
Mar 31,2025

Upstudy AI Solution

Tutor-Verified Answer

Answer

The inflation rate over the period is approximately 34.27%.

Solution

  1. Let the initial price in 1996 be and the price in 2003 be .
  2. Calculate the change in price:
  3. Compute the inflation rate using the formula:
  4. Performing the division:
  5. Convert the result to a percentage:
Thus, the inflation rate over this period is approximately .

Answered by UpStudy AI and reviewed by a Professional Tutor

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Simplify this solution

Mind Expander

To calculate the inflation rate over the period from 1996 to 2003, you can use the formula for inflation rate:
Substituting the values:
Calculating the change in price:
Now plug this back into the formula:
So, the inflation rate over this period is approximately .

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