Given that the Consumer Price Index was 72.6 in 1979 and 82.4 in 1980, find the inflation rate from 1979 to 1980 to the nearest hundredth of a percent.
inflation rate (increase)
=(new value-old value)/old value
=(82.4-72.6)/72.6
=9.8/72.6
=.134986
=13.4986%
=13.50% (to the nearest hundredth of a percent)
82.4/72.6 = 1.1349 or 13.45%
thank you so very much.
To find the inflation rate from 1979 to 1980, we can use the formula:
Inflation rate = ((CPI in 1980 - CPI in 1979) / CPI in 1979) x 100
First, let's plug in the values we have:
CPI in 1979 = 72.6
CPI in 1980 = 82.4
Now, let's calculate the inflation rate:
Inflation rate = ((82.4 - 72.6) / 72.6) x 100
= (9.8 / 72.6) x 100
≈ 0.1349 x 100
≈ 13.49%
Therefore, the inflation rate from 1979 to 1980, to the nearest hundredth of a percent, is approximately 13.49%.