The table below lists the prices from last year and the base year for a college-related basket of goods. Assume that the typical basket of goods for a college student consists of 210 gallons of gas, 55 pizzas, 40 6-packs, and 5 textbooks. Basket of College-Related Goods Basket of Goods Gasoline (per gallon) Pizza (per pizza) Beer (per 6-pack) Textbook (per book). Price Base Year (dollars) $ 1.60 4.05 4.05 97.00 Price Last Year (dollars) $ 2.05 7.80 6.82 227.00 Instructions: Round your answers to two decimal places. a. Using the values above, what is the rate of inflation between the base year and last year? % b. Assume that rather than buying textbooks for their courses last year, all students decided to buy online access cards at $95 per textbook. What is the rate of inflation between the base year and last year now? %

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