Question

If the median household income in the us was $30,065 in 1989 and $54,281 in 2014, find the rate of inflation over that time period. round your answer to the nearest hundredth of a percent

Answer 1

To find the rate of inflation over a time period, you can use the formula: Inflation rate = ((new price - old price) / old price) * 100. Using the given data, the inflation rate is approximately 80.47%.

Step-by-step explanation:

To find the rate of inflation over a time period, we can use the formula:

Inflation rate = ((new price - old price) / old price) * 100

For the given data, the old price is $30,065 and the new price is $54,281.

Substituting these values into the formula, we get:

Inflation rate = (($54,281 - $30,065) / $30,065) * 100

Calculating this, the inflation rate is approximately 80.47%.