The inflation rate of the U. S. dollar is 3.1 percent. What this means is that every year, prices increase by 3.1 percent. If a paperback book cost 1.98$ three years ago, what does it cost now?

A. 1.80$

B. 2.17$

C. 2.04$

D. 5.76$

Question

Marquis

15 January, 09:50

+4

Answers (1)

Know the Answer?

Jared Cuevas · Answer 1

One year: 3.1% of 1.98 =.06, 1.98+.06=2.04

Two years: 3.1% of 2.04 =.06, 2.04+.06=2.10

Three years: 3.1% of 2.10 =.07, 2.10+.07=2.17

Answer: $2.17

The inflation rate of the U. S. dollar is 3.1 percent. What this means is that every year, prices increase by 3.1 percent. If a paperback book cost 1.98$ three years ago, what does it cost now?A. 1.80$B. 2.17$C. 2.04$D. 5.76$