Between 2002 and 2007, the average rate of inflation in Russia was 28% per year. If a cart of groceries cost $303 in 2002, what did it cost in 2007?
Added by Jessica P.
Step 1
To do this, we can use the formula for compound interest: A = P(1 + r)^n, where A is the amount after n years, P is the initial amount, r is the annual interest rate, and n is the number of years. In this case, P = $303, r = 28% or 0.28, and n = 5 years. Plugging Show more…
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