Year Price of a Gallon of Milk Price of a Liter of Juice 2022 $5.25 2023 $5.75 2024 $6.00 $3.75 $4.00 $4.50 Refer to the table above. The CPI Basket, which includes 20 gallons of milk and 30 liters of juice, costed $200 in the base year. What is the annual inflation rate in 2024? Round your answer to the nearest one-hundredth of one percent. 8.51% 8.05% ○ 9.32% O 7.91% O 9.74%

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Year
Price of a Gallon of Milk
Price of a Liter of Juice
2022
$5.25
2023
$5.75
2024
$6.00
$3.75
$4.00
$4.50
Refer to the table above. The CPI Basket, which includes 20 gallons of milk and 30 liters of
juice, costed $200 in the base year. What is the annual inflation rate in 2024? Round your
answer to the nearest one-hundredth of one percent.
8.51%
8.05%
○ 9.32%
O 7.91%
O 9.74%
Transcribed Image Text:Year Price of a Gallon of Milk Price of a Liter of Juice 2022 $5.25 2023 $5.75 2024 $6.00 $3.75 $4.00 $4.50 Refer to the table above. The CPI Basket, which includes 20 gallons of milk and 30 liters of juice, costed $200 in the base year. What is the annual inflation rate in 2024? Round your answer to the nearest one-hundredth of one percent. 8.51% 8.05% ○ 9.32% O 7.91% O 9.74%
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