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Sagot :
The annual rate of inflation is 35560.86%.
What is inflation?
- Inflation is defined as an increase in the overall price of goods and services in an economy.
- When the general price level rises, each unit of currency purchases fewer products and services; hence, inflation equates to a loss of money's purchasing power.
- Deflation, or a sustained reduction in the general price level of goods and services, is the inverse of inflation.
- The inflation rate, which is the annualized percentage change in a general price index, is the most commonly used metric of inflation.
To find the annual rate of inflation:
- 48,000=24,000e^k(7)
- 24,000 24,000
- 2=e^k(7)
- ln2=lne^k7
- ln2=k7
- 7 7
- k=0.099 --> k=9.9%
Now, sub in 4 and 0.099
- =24,000e^(0.099)(4)
- =35560.86
Therefore, the annual rate of inflation is 35560.86%.
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The correct question is given below:
The rate of inflation in the fictional land of Sardinia is such that the price of a car costing 24,000 dollars in U.S. currency will double in seven years. What is the annual rate of inflation? what will be the price of this car in four years?
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