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In 1955, an order of McDonald's French fries cost $0.10. If McDonald's had increased the cost of its fries to keep up with inflation, an
In 1955, an order of McDonald's French fries cost $0.10. If McDonald's had increased the cost of its fries to keep up with inflation, an order of fries would cost $0.55 in 1994. Given this information on the price of fries, what is the effective annual rate of inflation over the period from 1955 to 1994?
| 2.34% | ||
| 4.47% | ||
| 6.63% | ||
| 7.84% |
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