SOLUTION: 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? (round to two decima
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Question 1131062: 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? (round to two decimal places as needed)
Found 2 solutions by Boreal, josgarithmetic:
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
The amount is 110(1+0.046)^3, for three years P=Po(1+r/n)^nt, where r is rate, n the number of times compounded in a year and t the number of years
This is $125.89
Answer by josgarithmetic(39621) (Show Source): You can put this solution on YOUR website!
Same exact question was already done:
https://www.algebra.com/algebra/homework/Average/Average.faq.question.1131157.html
https://www.algebra.com/algebra/homework/Average/Average.faq.question.1131157.html
https://www.algebra.com/algebra/homework/Average/Average.faq.question.1131151.html
https://www.algebra.com/algebra/homework/Average/Average.faq.question.1131151.html
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