Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Discover a wealth of knowledge from professionals across various disciplines on our user-friendly Q&A platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

With an annual inflation rate of 1.17%, how much did an item that now costs $7600 cost 5 years prior?
An item that currently costs $7600 would have cost $_____ 5 years ago. (Do not round until the final answer. Then round to the nearest cent as needed.)