Calculate the Rate of Inflation Between Year 1 and Year

question 31

Essay

Calculate the rate of inflation between Year 1 and Year 2.The price index in Year 1 was 124.0.It was 130.7 in Year 2.

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Definitions:

Data

Information collected for reference or analysis, often numerical, that can be used for calculation and statistical study.

Equal

Describes the state of being the same in quantity, size, degree, or value.

Mean

The average of a set of numerical values, calculated by adding them all up and dividing by the number of values.

Equal

Having the same value, quantity, measure, or meaning as another; identical in magnitude or degree.