Problema Solution
Thomas had bought a pair of shoes in 2013 at a price of R 325.99 he noticed that in 2014 the same made costs R355.33 determine the inflation on the price in one year
Answer provided by our tutors
The formula for calculating the Inflation Rate looks like this:
((B - A)/A)*100
Where "A" is the Starting number and "B" is the ending number.
A = R 325.99
B = R 355.33
((355.22 - 325.99)/325.99)*100 = 8.97% is the inflation on the price in one year.
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