Question

The cost of a gallon of gas was $1.00 in 1994. It is about $3.80 per...

The cost of a gallon of gas was $1.00 in 1994. It is about $3.80 per gallon at the pump in 2013. How does the increase in compare to a 3% annual rate of inflation during the same period?

a. About the same

b. 1% higher

c. 2% higher

d. 3% higher

e. 4% higher

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Answer #1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.

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