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Use the information below to: a) compute the price index for each year using 2021 as the base year. (6 points) b) compute the inflation

Use the information below to:

a) compute the price index for each year using 2021 as the base year. (6 points)

b) compute the inflation rate between the two years. (4 points)

(Show all work)

Item Quantity Unit Price-2020 Unit Price-2021

Coffee 30 pounds $5.00 $6.00

Rent 12 months 1,400.00 1,750.00

Pizza 100 pizzas 15.00 18.00

Cable 12 months 85.00 95.00

Vacation 3 weeks 450.00 400.00

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