69. Consumer Price Index (a) The CPI was 163.0 for 1998 and 215.3 for 2008. Assuming that annual inflation remained constant for this time period, determine the average annual inflation rate. (b) Using the inflation rate from part (a), in what year will the CPI reach 300?
69. Consumer Price Index (a) The CPI was 163.0 for 1998 and 215.3 for 2008. Assuming that annual inflation remained constant for this time period, determine the average annual inflation rate. (b) Using the inflation rate from part (a), in what year will the CPI reach 300?
Chapter1: Financial Statements And Business Decisions
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![69. Consumer Price Index
(a) The CPI was 163.0 for 1998 and 215.3 for 2008.
Assuming that annual inflation remained constant for
this time period, determine the average annual inflation
rate.
(b) Using the inflation rate from part (a), in what year will
the CPI reach 300?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff5ba7f84-ecbc-4c99-91ab-4cdea8a38a3b%2F592a692a-0d64-47c3-87bc-531a741d0bbf%2F3w6wjyn_processed.png&w=3840&q=75)
Transcribed Image Text:69. Consumer Price Index
(a) The CPI was 163.0 for 1998 and 215.3 for 2008.
Assuming that annual inflation remained constant for
this time period, determine the average annual inflation
rate.
(b) Using the inflation rate from part (a), in what year will
the CPI reach 300?
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