Question

If prices increase at a monthly rate of 18,000?%, by what percentage do they increase in a? year? In a? day? (Assume 30 days per? month.)

The annual inflation rate is about _______ x 10 _____ to what power %? I don't know how to show that behind the 10 is a raised number.

..when I looked at an example it shows steps like (I am going to try and do this)

=Q(sligtly lower 0) x (1 + r) raised t

I hope I am not being to confusing, guess its because I am..lol I tried to copy and paste but it is wanting a URL and I don't know what they are wanting when I am taking from a picture I snapped. Hope someone I understand what I am asking and can help, I don't understand how to get to the steps on my scientific calculator. Thank you

Answer 1

If t be the daily inflation rate,   and if the price of a commodity today is $ a, then the price of the commodity after a month will be at^30-1 = at²⁹. Hence the monthly inflation rate will be t²⁹. Here, t²⁹ = 18000 % so that t = (18000)^1/29 % = 1.401953251 % ( approximately).

If the price of a commodity today is $ a and if r be the monthly inflation rate, then the price of the commodity after an year will be ar^12-1 = ar¹¹ so that the annual inflation rate is r¹¹. Here, r = 18000 % so that r¹¹ = (18000)¹¹ % = 18¹¹ x [(10)³]¹¹ % = 18¹¹ x10³³ %. Thus, the annual inflation rate is 18¹¹ x10³³ %.