1. It can be an interesting exercise to compare the purchasing power of the dollar over different periods in history. Go to www.bankofcanada.ca/en/rates, and scroll down to the link to the inflation calculator. Use this calculator to answer the following questions.

a. If a new house cost $10 000 in 1950, what would it have cost in 2017?

b. From (a), what is the percent change in the price of the house from 1950 to 2017?

c. What is the average annual rate of inflation?