If a chair cost $100 in December 2010 and the price changed in accordance with the inflation table below, how much did the chair cost in December 2012?

Question

Quizplus · Accepted Answer

Using the inflation table, we can see that the cumulative inflation from December 2010 to December 2012 is 4.751%. To find the cost of the chair in December 2012, we can multiply its original cost by (1 + cumulative inflation rate):
$100 x (1 + 0.04751) = $104.751
Therefore, the chair cost $104.751 in December 2012. The closest answer choice is C.

If a Chair Cost $100 in December 2010 and the Price