A team of sun-loving economists on Echo Island decide to track a "market basket of goods" containing popular recreational water equipment, using the year 2015 as the base year for comparison. In 2015, the price of the basket of goods on Echo Island was $348. (a) Suppose the CPI in 2016 was 120.3 and the CPI in 2017 was 131.5 for this basket of goods. Follow the steps below to compute the inflation rate, , from 2016 to 2017. CPI 2016 = CPI 2017 = The change (or difference) in CPI between these years is CP/2017 - CPI 2016 = Next, divide the change in CPI by CPI 2016- This gives Multiply the previous answer by 100 to get a percentage. The percent change in CPI from CPI 2016 to CPI 2017 was %. In conclusion, the inflation rate from 2016 to 2017 was = %. (b) Next, suppose the CPI in 2017 was 131.5 and the CPI in 2018 was 137.1 for this basket of goods. Calculate the inflation rate from 2017 to 2018. Round the final percentage to 2 decimal places. From 2017 to 2018, the inflation rate was = (round to 4 decimal places). %. This means that the price of this market basket of goods was an item in 2017 by to find the cost of the same item in 2018. The CPI of the basket of goods in 2019 was % ??? in 2018 than it was in 2017. Thus, to adjust for inflation, you multiply the cost of (c) Now, suppose the inflation from 2018 to 2019 was 11.01%. Given that the CPI for this basket of goods was 137.1 in 2018, find the CPI in 2019. Round to 2 decimal places. (d) Use your (rounded and correct) answer from part (c) to complete the following. The price of this market basket of recreational water equipment on Echo Island was $348 in 2015 (the base year). Then, the price of the same market basket in 2019 was $ $(round to the nearest cent).