Question

the price of a mobile phone was $600 in 2007. The price of a mobile phone is 2019 as increased to $1,100. What is the inflation rate of mobile phones(Round your answer to the nearest hundredth)?

Answer 1

0.83

Explanation:

The $500 price increase over this 12 year span results in the inflation rate:

$500

---------- = 0.83..., or 0.83 to the nearest hundredth (equivalent to 83%)

$600