SOLUTION: 1. Between 2005 and 2008, the average rate of inflation was about 4.6​% per year. If a cart of groceries cost ​$110 in​ 2005, what did it cost in 2008​?
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Question 1131151: 1. Between 2005 and 2008, the average rate of inflation was about 4.6% per year. If a cart of groceries cost $110 in 2005, what did it cost in 2008?
A cart of groceries cost approximately $____ in 2008. (Round to two decimal places as needed.)
Answer by greenestamps(13203) (Show Source): You can put this solution on YOUR website!
An annual rate of inflation of 4.6% as a decimal is 0.046.
The GROWTH FACTOR per year is then 1 plus 0.046, or 1.046.
The growth factor for 3 years is (1.046)^3.
Multiply the $110 cost of the groceries in 2005 by that growth factor to find the cost in 2008.
Use your calculator; it will give the same answer as mine.
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