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Economics
Inflation
Rate of Increase
Determining the inflation rate. In the mid 1990s selected automobiles had an average cost of $12,000.The average cost of those same automobiles is now $20,000. What was the rate of increase for these automobiles between the 2 tim eperiods?
1 answer
20000/12000 = 1.6667 a 66.67% increase.
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