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11 August, 18:50

A car rental cost $90.00 last year. This year it cost $102.99. What is the inflation rate, to the nearest tenth percent?

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  1. 11 August, 20:16
    0
    14.43%

    Explanation:

    Given that

    Last year rental cost of the car = $90

    This year rental cost of the car = $102.99

    So, the inflation rate equal to

    = (This year rental cost of the car - Last year rental cost of the car) : (Last year rental cost of the car)

    = ($102.99 - $90) : ($90)

    = ($12.99) : ($90)

    = 14.43%

    We simply applied the above formula to compute the inflation rate
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