1. Problem 1 In the 1920 Eaton's catalogue, an oak chest of drawers costs $8 plus freight. In 1990 this same chest of drawers, in good condition, costs $1,200. (a) If the average rate of inflation over that 70-year period was 3%, what was the average yearly rate of appreciation, adjusted for inflation? (Round to two decimal places: x.xx%.) (b) How much would the chest have cost in 1990, if its value had risen only by the average rate of inflation? Round to the nearest dollar