cd.knight.samantha
assume the rate of inflation is 8% per year for the next 2 years. What will be the cost of goods 2 years from now, adjusted for infaltion, if the goods cost $230.00 today
in 2 years, the same goods will cost approximately $268.27. I come up with $266.80 how is the right answer figured?
1 Answer
MONDEOMAN
HI 230 X 8% = 230X8/100 = 18.4 + 230 = 248.40 2nd year 248.40 X 8/100 = 19.872 + 230 =249.872
YOU HAVE TO WORK THE FIRST YEAR OUT FIRST THEN USE THAT FIGURE 248.4 FOR THE SECOND YEAR OTHER WISE YOU HAVE NOT ALLOWED FOR INFLATION
IT APPEARS THAT YOU HAVE SIMPLY ADDED THE FIRST YEARS INFLATION OF 18.40 ONTO THE SECOND THIS IS INCORRECT AS THE GOODS ARE COSTING 248.4 AT THE BEGINING OF THE SECOND YEAR
HOPE THIS HELPS
| 14 years ago. Rating: 2 | |
I think the 2nd should be 248.40 + 19.872 = 268.272
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