Suppose the average price of gas in 2009 was $0.95 per litre and $0.97 in 2010. The
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Question:
Suppose the average price of gas in 2009 was $0.95 per litre and $0.97 in 2010. The inflation rate was 3 percent in 2010. What was the 2010 price of gas in 2009 dollars?
a. $0.922
b. $0.941*
c. $0.978
d. $0.999
i know the answer is b, but can you please explain why. thanks.
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