Refer to the information provided in Table 7.3 below to answer the questions that follow.
Table 7.3

-Refer to Table 7.3.If 2010 is the base year,the inflation rate between 2010 and 2011 is ________ %,and the inflation rate between 2011 and 2012 is ________ %.

Question

Refer to the information provided in Table 7.3 below to answer the questions that follow.
Table 7.3
 
-Refer to Table 7.3.If 2010 is the base year,the inflation rate between 2010 and 2011 is ________ %,and the inflation rate between 2011 and 2012 is ________ %.

Quizplus · Accepted Answer

To calculate the inflation rate between two years, we use the following formula: 
Inflation rate = ((Price level in year 2 - Price level in year 1) / Price level in year 1) x 100

Using the data from Table 7.3:
- Inflation rate between 2010 and 2011 = (($120 - $113) / $113) x 100 = 6.1%
- Inflation rate between 2011 and 2012 = (($140 - $120) / $120) x 100 = 16.1%

Therefore, the best choice is B, with an inflation rate of 6.1% between 2010 and 2011, and an inflation rate of 16.1% between 2011 and 2012.

Refer to the Information Provided in Table 7