Question

A car rental cost $90.00 last year. This year it cost $102.99. What is the inflation rate, to the nearest tenth percent?

Answer 1

14.43%

Step-by-step explanation:

To calculate inflation rate subtract the previous price from the current price. Then divide your answer from the previous price. Multiply that by 100 to get the percentage and thats your answer.

Answer 2

14.43%

Step-by-step explanation:

Given that

Last year rental cost of the car = $90

This year rental cost of the car = $102.99

So, the inflation rate equal to

= (This year rental cost of the car - Last year rental cost of the car) ÷ (Last year rental cost of the car)

= ($102.99 - $90) ÷ ($90)

= ($12.99) ÷ ($90)

= 14.43%

We simply applied the above formula to compute the inflation rate