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The inflation rate four years ago was 3%. This past year, inflation was 8%. What percentage has inflation increased over the past 4-year period? Enter

The inflation rate four years ago was 3%. This past year, inflation was 8%. What percentage has inflation increased over the past 4-year period?

Enter the excel formula you would use to solve this problem.

Do NOT put any spaces in your formula and use capital letters. Also, please enter the RATE as a percentage.

Example: =PMT(3%,8,-500,0)

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