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If the inflation rate is 3% and a product costs $200 now, what will be its cost

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Question: If the inflation rate is 3% and a product costs $200 now, what will be its cost after one year?

Options:

  1. $206
  2. $210
  3. $212
  4. $215

Correct Answer: $206

Solution: 

Future cost = Current cost * (1 + Inflation rate) = 200 * (1 + 0.03) = 200 * 1.03 = $206

If the inflation rate is 3% and a product costs $200 now, what will be its cost

Practice Questions

Q1
If the inflation rate is 3% and a product costs $200 now, what will be its cost after one year?
  1. $206
  2. $210
  3. $212
  4. $215

Questions & Step-by-Step Solutions

If the inflation rate is 3% and a product costs $200 now, what will be its cost after one year?
  • Inflation Calculation – Understanding how to adjust current prices based on a given inflation rate.
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