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the cost of a gallon of gas increases from $1.46 to $3.53 over a period of 10 years.
Use the formula r = (F/P)^(1/n)-1 to find the annual inflation rate r to the nearest
tenth of a percent,
where n is the number of years during which the value increases from P to F.
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Calculations in the post by @mananth are INCORRECT.
I came to bring you a correct solution.
Using the given formula, we can find the annual inflation rate:
r = (F/P)^(1/n) - 1
where P is the initial price ($1.46), F is the final price ($3.53),
and n is the number of years (10).
Plug the values use calculator.
r = (3.53/1.46)^(1/10) - 1,
r = 0.092300632.
ANSWER. The annual inflation rate for the price of gas is approximately 9.2%, rounded as requested.
Solved (correctly).