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Between 2005 and 2008, the average rate of inflation was about3.4 per year. If a cart of groceries cost $140 in 2005, what did it cost in 2008
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Between 2005 and 2008, the average rate of inflation was about3.4 per year. If a cart of groceries cost $140 in 2005, what did it cost in 2008

User Carl Anderson
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1 Answer

5 votes
The formula is
A=p (1+r)^t
A future value?
P current value 140
R rate of inflation 0.034
T time 2008-2005=3 years
A=140×(1+0.034)^(3)
A=154.77 round your answer to get
A=155
User Ed Haber
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