If the price level last year was 220 and this year is 250, what is the inflation rate between the two years?
A) 12.2 percent
B) 13.6 percent
C) 20 percent
D) 30 percent

Question

Quizplus · Accepted Answer

To calculate the inflation rate, we use the formula: ((New Price Level - Old Price Level) / Old Price Level) * 100%. Substituting the given values, we get: ((250-220)/220) * 100% = 13.6%. Therefore, the correct answer is B.

If the Price Level Last Year Was 220 and This