The average price of gasoline in 2005 was $2.31 per gallon. In 1993, the average price was $1.07.∗ What was the average annual rate of increase in the price of gasoline over this 12-year period?
The average price of gasoline in 2005 was $2.31 per gallon. In 1993, the average price was $1.07.∗ What was the average annual rate of increase in the price of gasoline over this 12-year period?
Chapter13: Inflation
Section: Chapter Questions
Problem 2SQP
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