Homework Answers
Number of Years = n = 2010 - 1980 = 30
Cost in 1980 = PV = X
Hence, Cost in 2010 = FV = 3X
Let inflation be i
Hence, FV = PV(1+i)n
=> 3X = X(1+i)30
=> i = 31/30 - 1 = 0.0373 or 3.73%
Hence, annual rate of inflation = 3.73%
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