The Bureau of Labor Statistics has a website (www.bls.gov) that contains a Consumer Price Index inflation calculator that uses the average CPI to adjust the purchasing power of money over different periods of time. The CPI index value has been calculated every year since 1913. The calculator indicated that $2.1 million in 1913 would have the same purchasing power as $23,930,909 in 2016. What was the average inflation rate over this 103-year time period? The average inflation rate was % per year.

The Bureau of Labor Statistics has a website (www.bls.gov) that contains a Consumer Price Index inflation calculator that uses the average CPI to adjust the purchasing power of money over different periods of time. The CPI index value has been calculated every year since 1913. The calculator indicated that $2.1 million in 1913 would have the same purchasing power as $23,930,909 in 2016. What was the average inflation rate over this 103-year time period? The average inflation rate was % per year.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter2: The One Lesson Of Business

Section: Chapter Questions

Problem 2.6IP

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The Bureau of Labor Statistics has a website (www.bls.gov) that contains a Consumer Price Index inflation calculator that uses the average CPI to adjust the purchasing power of money over different periods of time. The CPI index value has been calculated every year since 1913. The calculator indicated that $1 million in 1913 would have the same purchasing power as $23,930,909 in 2016. What was the average inflation rate over this 103-year time period?
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