With an annual inflation rate of 2.39%, how much did an item that now costs $5800 cost 9 years prior? An item that currently costs $5800 would have cost $ 9 years ago. (Do not round until the final answer. Then round to the nearest cent as needed.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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With an annual inflation rate of 2.39%, how much did an item that now costs $5800 cost 9 years prior?
An item that currently costs $5800 would have cost $ 9 years ago.
(Do not round until the final answer. Then round to the nearest cent as needed.)
Transcribed Image Text:With an annual inflation rate of 2.39%, how much did an item that now costs $5800 cost 9 years prior? An item that currently costs $5800 would have cost $ 9 years ago. (Do not round until the final answer. Then round to the nearest cent as needed.)
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