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The table below lists the prices from last year and the base year for a college- related basket of goods. Assume that the typical
The table below lists the prices from last year and the base year for a college- related basket of goods. Assume that the typical basket of goods for a college student consists of 190 gallons of gas, 65 pizzas, 50 6-packs, and 3 textbooks. Price Base Year Basket of Goods (dollars) Price Last Year (dollars) Gasoline (per gallon) $1.80 $2.35 Pizza (per pizza) 4.35 7.90 Beer (per 6-pack) 4.15 6.94 Textbook (per book) 99.00 231.00 Using the values above, what is the rate of inflation between the base year. and last year (Please round your answer to two decimal places)?
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