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

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