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If the inflation rate is 5%, how much will a product that costs $100 cost after
If the inflation rate is 5%, how much will a product that costs $100 cost after one year? (2023)
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Practice Questions
1 question
Q1
If the inflation rate is 5%, how much will a product that costs $100 cost after one year? (2023)
$105
$95
$100
$110
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With a 5% inflation rate, a $100 product will cost $100 + ($100 * 0.05) = $105 after one year.
Questions & Step-by-step Solutions
1 item
Q
Q: If the inflation rate is 5%, how much will a product that costs $100 cost after one year? (2023)
Solution:
With a 5% inflation rate, a $100 product will cost $100 + ($100 * 0.05) = $105 after one year.
Steps: 7
Show Steps
Step 1: Identify the original cost of the product, which is $100.
Step 2: Identify the inflation rate, which is 5%.
Step 3: Convert the percentage into a decimal by dividing by 100. So, 5% becomes 0.05.
Step 4: Calculate the amount of increase due to inflation by multiplying the original cost by the decimal. This is $100 * 0.05.
Step 5: Calculate the increase amount, which is $5.
Step 6: Add the increase amount to the original cost. So, $100 + $5 equals $105.
Step 7: The final cost of the product after one year is $105.
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