Problem 7-09 Inflation is a general increase in prices and may be measured by the Consumer Price Index (CPI). Use Appendix A to answer the questions. a. In Year 1 the CPI was 100; 30 years later, it was 235. What was the annual rate of inflation? Round your answer to the nearest whole number. b. Nancy and Pam both currently earn $100,000. If the annual rate of inflation is 5 percent, how much must each earn after ten years to maintain their purchasing power? Round your answer to the nearest dollar. $ c. Your parents bought a home for $50,000 in Year 1 and sold it in Year 31 for $270,000. What was the annual rate of price increase over the 30 years? Round your answer to the nearest whole number. %

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Interest Rate

When you deposit your money with the bank, the deposit earns you some extra money at the end of the specific period – something more than what you deposited. That amount of money that the bank pays you for keeping the money with the bank is the “interest” and the percentage at which the bank pays you for your amount is called the “interest rate”.