Mathematics, 19.04.2020 04:25, lukerothbacher
When the average price of an item increases from p1 to p2 over a period of n years, the annual rate of inflation r (in decimal form) is given by r=(p2p1)1/n−1. The average price of a gallon of milk increased from $0.36 in 1913 to $3.53 in 2013. What was the annual rate of inflation r? Write your answer in decimal form to the nearest thousandth.
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When the average price of an item increases from p1 to p2 over a period of n years, the annual rate...
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