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Thirty years ago, the price of a new Volkswagen was $5,000.

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Thirty years ago, the price of a new Volkswagen was $5,000. (Actual price adjusted to simplify the calculation). The price of a new Volkswagen is $20,000 today. Basing your answer solely on the aforementioned prices, by what percentag have prices increased over the past thirty years? (Show your work). What average annual inflation rate would have resulted in this answer? (Show your work)

 

Paper#31115 | Written in 18-Jul-2015

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