Question

If the inflation has been 2.7%, how much more do you have to pay this year foran item that cost $11.50 last year?

Answer 1

Given data:

The cost of the item is $11.50.

The inflation percentage is 2.7%.

Increase in the price is,

`\begin{gathered} =11.50*((2.7)/(100)_{}) \\ =11.50*0.027 \\ =0.3105 \end{gathered}`

Total amount to be paid last year,

`\begin{gathered} =11.50+0.3105 \\ =11.8105 \end{gathered}`

Therefore you will have to pay $ 0.3105 more.