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2 December, 11:14

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$

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Answers (1)
  1. 2 December, 11:40
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    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
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