7. 10.7 A website determines how many dollars today have the same buying power as a stated...

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7. 10.7 A website determines how many dollars today have the same buying power as a stated amount of money at the beginning of any year in the past. When the values 1920, 2019, and $1000 are entered for the beginning of the initial year, beginning of the desired year, and initial amount, respectively, the result is $12,831. On the basis of these numbers, what was the average annual inflation rate between 1920 and the end of 2018? Solve by

(a) equation, and

(b) spreadsheet using GOAL SEEK.

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Basics Of Engineering Economy

ISBN: 9781259683312

3rd Edition

Authors: Leland T. Blank, Anthony Tarquin

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