Question

In 1985 a pair of Jordans sold for $64.99. Today the average is about $150.00. The rate of inflation is % (round answer to nearest whole number)

Answer 1

Explanation:

To calculate the rate of inflation, we can use the inflation rate formula:

inflation rate = ((new price - old price) / old price) x 100%

Using the given information, we have:

old price = $64.99

new price = $150.00

inflation rate = ((150.00 - 64.99) / 64.99) x 100%

inflation rate = (85.01 / 64.99) x 100%

inflation rate = 130.81%

Rounding the inflation rate to the nearest whole number, we get:

inflation rate ≈ 131%

Therefore, the rate of inflation from 1985 to today for a pair of Jordans is approximately 131%.