Inflation is a general increase in prices and may be measured by the
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In Year 1 the CPI was 100; 20 years later, it was 229. What was the annual rate of inflation? Round your answer to the nearest whole number.
___________% -
Nancy and Pam both currently earn $90,000. If the annual rate of inflation is 3 percent, how much must each earn after twelve years to maintain their
purchasing power ? Round your answer to the nearest dollar.
$ ___________ -
Your parents bought a home for $40,000 in Year 1 and sold it in Year 21 for $220,000. What was the annual rate of price increase over the 20 years? Round your answer to the nearest whole number.
_____________ %
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