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The cost of material was $2.00 per ounce 5 years ago. If prices have increased (inflated) at an average rate of 5% per year, the

The cost of material was $2.00 per ounce 5 years ago. If prices have increased (inflated) at an average rate of 5% per year, the cost per ounce now is closest to? $2.04 $2.55 $2.08 $2.43 $8.00

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