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Twenty years ago a barrel of oil cost $16.75. Today a barrel of oil costs $87.49. What is the approximate annual rate of inflation for

Twenty years ago a barrel of oil cost $16.75. Today a barrel of oil costs $87.49. What is the approximate annual rate of inflation for a barrel of oil?

Group of answer choices

between 5% and 6%

between 3% and 4%

between 2% and 3%

between 8% and 9%

none of the above

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