Final Answer:
The inflation rate on the skateboard is approximately 4%.
Step-by-step explanation:
To calculate the inflation rate, you can use the formula:
Inflation Rate = ((Current Price - Previous Price) / Previous Price) * 100
Substituting the given values:
Inflation Rate = ((72.80 - 70) / 70) * 100 ≈ 4%
This calculation represents the percentage increase in the price of the skateboard from last year to this year.
The formula compares the difference between the current and previous prices to the previous price and expresses it as a percentage. In this case, the skateboard's price increased by 4%, indicating the inflation rate.
Therefore, the inflation rate on the skateboard is approximately 4%.