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Advanced MathQ&A LibraryInflation is a measure of the buying power of your dollar. For example, if inflation this year is 5%, then a given item would be expected to cost 5% more at the end of the year than at thebeginning of the year. The figure below shows the rate of inflation in the United States for the given years.1413-7.3-2-П1980 1985 1990 1995 2000 2005 2010 2015YearAssume that men's clothing followed the rate of inflation. If a man's suit cost $300 at the beginning of 1995, what did it cost at the end of 1995? Round your answer to the nearest dollar.Rate of inflationQuestion

Asked Jan 27, 2020

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Inflation is a measure of the buying power of your dollar. For example, if inflation this year is 5%, then a given item would be expected to cost 5% more at the end of the year than at the beginning of the year. The figure below shows the rate of inflation in the United States for the given years.

Assume that men's clothing followed the rate of inflation. If a man's suit cost $300 at the beginning of 1995, what did it cost at the end of 1995? Round your answer to the nearest dollar.

Step 1

Since men’s clothing followed the rate of inflation. In 1995, the cost of man’s suit is $300 at the beginning. Then the cost would be 5% more at the end of the year.

Step 2

Then,

Cost of the suit at the beginning of the year = $300

5% more cost = 300 + .05*300

...

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