document.write( "Question 1110745: the cost of a gallon of gas increases from $1.46 to $3.53 over a period of 10 years. Use the formula r=(FP)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
\n" ); document.write( " \n" ); document.write( "

Algebra.Com's Answer #837704 by ikleyn(52847) $\"\"$ $\"About$

You can put this solution on YOUR website!
.
\n" ); document.write( "the cost of a gallon of gas increases from $1.46 to $3.53 over a period of 10 years.
\n" ); document.write( "Use the formula r = (F/P)^(1/n)-1 to find the annual inflation rate r to the nearest
\n" ); document.write( "tenth of a percent,
\n" ); document.write( "where n is the number of years during which the value increases from P to F.
\n" ); document.write( "~~~~~~~~~~~~~~~~~~~\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( " Calculations in the post by @mananth are INCORRECT.
\n" ); document.write( " I came to bring you a correct solution.\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "

\r\n" );
document.write( "Using the given formula, we can find the annual inflation rate:\r\n" );
document.write( "\r\n" );
document.write( "    r = (F/P)^(1/n) - 1\r\n" );
document.write( "\r\n" );
document.write( "where P is the initial price ($1.46), F is the final price ($3.53), \r\n" );
document.write( "and n is the number of years (10).\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "Plug the values use calculator.\r\n" );
document.write( "\r\n" );
document.write( "r = (3.53/1.46)^(1/10) - 1,\r\n" );
document.write( "\r\n" );
document.write( "r = 0.092300632.\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "ANSWER. The annual inflation rate for the price of gas is approximately 9.2%, rounded as requested.\r\n" );
document.write( "

\r
\n" ); document.write( "\n" ); document.write( "Solved (correctly).\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "

\n" );