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Way back in the 1970s the annual rate of inflation was about 9%.What average monthly rate does this represent?EXAMPLE:A 2% growth rate for the year

Way back in the 1970s the annual rate of inflation was about 9%.What average monthly rate does this represent?EXAMPLE:A 2% growth rate for the year would require 1.02 = (1 + r)¹².Solve this for r:; r = .00165 or .165% per month on average.

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