In Zimbabwe the rate of inflation hit 90 sextillion percent in 2009, with prices increasing tenfold every day. At that rate, how much would a $3 loaf of bread cost five days later? Hint: Use the following equation to calculate future price: Future price = current price × inflation ratet, where t is the number of days in the future Instructions: Round your response to one decimal place. $ _____ million
In Zimbabwe the rate of inflation hit 90 sextillion percent in 2009, with prices increasing tenfold every day. At that rate, how much would a $3 loaf of bread cost five days later? Hint: Use the following equation to calculate future price: Future price = current price × inflation ratet, where t is the number of days in the future Instructions: Round your response to one decimal place. $ _____ million
Chapter18: Introduction To Macroeconomics: Unemployment, Inflation, And Economic Fluctuations
Section: Chapter Questions
Problem 13P
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In Zimbabwe the rate of inflation hit 90 sextillion percent in 2009, with prices increasing tenfold every day. At that rate, how much would a $3 loaf of bread cost five days later? Hint: Use the following equation to calculate future
Future price = current price × inflation ratet, where t is the number of days in the future
Instructions: Round your response to one decimal place.
$ _____ million
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