Suppose That Inflation Is 3% Per Year

question 2

Multiple Choice

Suppose that inflation is 3% per year. This means the cost of an item increases by 3% each year. Suppose a jacket cost $150 in 2011. How long will it take for the jacket to cost $200 dollars?

• A)5 years
• B)10 years
• C)15 years
• D)20 years

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