Question
. Over the past 10 years, the average inflation rate in the United States was 1.8 percent per year. Due to large government deficits related
. Over the past 10 years, the average inflation rate in the United States was 1.8 percent per year. Due to large government deficits related to COVID and projected deficits for new proposed social programs, some economists project that the inflation rate may rise to 7.6 percent per year. If the inflation rate (i.e., the annual price increase) of a loaf of bread (assume a loaf of bread now costs $2.49), what will be the DIFFERENCE in the price of a loaf of bread 10 years from today (assuming an annual inflation rate of 7.6 percent instead of 1.8 percent)?
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