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16) Dave bought a new car 8 years ago for $8400 to buy a new car comparably equipped new would cost $12,500. Assuming a

16) Dave bought a new car 8 years ago for $8400 to buy a new car comparably equipped new would cost $12,500. Assuming a steady rate of increase, what was the yearly rate of inflation in car prices over the 8-year period?

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