When the average price of an item increases from pi to P2 over a period of n years, the annual rate of 1/n P2 inflation r (in decimal form) is given by r = - 1. The average price of one pound of cheese Pi increased from $0.22 in 1913 to $5.83 in 2013. What was the annual rate of inflation r? Write your answer in decimal form to the nearest thousandth.
When the average price of an item increases from pi to P2 over a period of n years, the annual rate of 1/n P2 inflation r (in decimal form) is given by r = - 1. The average price of one pound of cheese Pi increased from $0.22 in 1913 to $5.83 in 2013. What was the annual rate of inflation r? Write your answer in decimal form to the nearest thousandth.
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter2: Functions And Graphs
Section2.3: Linear Functions And Slope
Problem 105E
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Transcribed Image Text:When the average price of an item increases from p1 to p2 over a period of n years, the annual rate of
1/n
P2
inflation r (in decimal form) is given by r =
- 1. The average price of one pound of cheese
increased from $0.22 in 1913 to $5.83 in 2013. What was the annual rate of inflation r? Write your answer
in decimal form to the nearest thousandth.
18
r=
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