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According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) increased by 27.0% between 2004 and 2014. In 2004, a gallon of unleaded

According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) increased by 27.0% between 2004 and 2014. In 2004, a gallon of unleaded gasoline cost $1.58. In 2014, it cost $3.26.

(a) What was the annual inflation rate between 2004 and 2014?

(b) What is the change in the real price of a gallon of gasoline between 2004 and 2014?

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