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Please solve show work.For the data below, find the yearly average inflation rate. Year Cost $504,000 538,000 577,000 629,500

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Answer #1

The formula for inflation is = (Year1-Year0)/Yearo)*100

Year

Cost

Inflation

0

504000

1

538000

= ((538000-504000)/504000)*100 = 6.75%

2

577000

= ((577000-538000)/538000)*100 = 7.25%

3

629000

= ((629000-577000)/577000)*100 = 9.01%
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