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Please show all work and explain reasoning. Thank you!! 1) Since last year, the price of gold has risen from $120 to $420. What annual

Please show all work and explain reasoning. Thank you!!

1) Since last year, the price of gold has risen from $120 to $420. What annual inflation rate would leave the real price of gold unchanged over the last twelve months? A) 40% B) Approximately 29% C) 250% D) Approximately 71% E) none of the above

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