-Refer to Table 11.2. If a pair of shoes and a shirt cost $100 in 1990, what did they cost (rounded to the first decimal place) in 1992 based on the inflation rate?

Name: -Refer to Table 11.2. If a pair of shoes and a shirt cost $100 in 1990, what did they cost (rounded to the first decimal place) in 1992 based on the inflation rate?
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Quizplus · Accepted Answer

The inflation rate from 1990 to 1992 was 5.5%, so the cost of the shoes and shirt in 1992 would be $100 x 1.055 = $105.50.