4. (2 points) The following tables show inflation over the given period and the average price of a loaf of bread. Time span 1980-2016 Inflation 185% 2010-2016 15% Year Price 1980 $1.25 2010 2016 $2.50 $3.00 Using the two tables above, complete the following table showing the average price in constant 2016 dollars. Round your answers to two decimal places. Year Price 1980 2010 2016
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The inflation rate from 1980 to 2010 is given as 185%. This means that prices increased by 185% over this time period. To calculate the average annual inflation rate, we need to divide this percentage by the number of years in the time span. The time span from Show more…
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