In 1998, the average price of the baseball fan market basket (based on the cost of the basket for 30 major league baseball teams)was $121.36 compared to $191.92 (for the same basket)in 2008.Calculate the inflation rate experienced by a typical baseball fan over this period.

Question

Quizplus · Accepted Answer

To calculate the inflation rate, we use the formula: Inflation rate = ((New price - Old price) / Old price) x 100. 
Plugging in the given values, we get: Inflation rate = ((191.92 - 121.36) / 121.36) x 100 = 58.40%. 
Therefore, the best choice is C, approximately 58%.

In 1998, the Average Price of the Baseball Fan Market