the price of a 24 pounds of flour costing $1.50. use the inflation calc to see how much $1.50 in 1929 would cost today. then find our how much you would have to pay for 24 pounds of flour today.

Question

amistre64 · Answer

?? 1.50 costs 1.50 ??

amistre64 · Answer

since we do not possess the inflation calculator, how are we sposed to answer this thing accurately?

dumbcow · Answer

we need the avg rate of inflation to do this
i think its typically around 3or4 percent

dumbcow · Answer

ok if we assume inflation of 3% then
price = 1.5*(1.03)^82 = 16.93
does that help