Question

The inflation rate of the U.S. dollar is 3.7 percent. What this means is that every year, prices increase by 3.7 percent. If a quart of oil cost $1.69 five years ago, what does it cost now?

Answer 1

Do you know how to change percent to decimal?

Answer 2

I'm sure you've learned that by now. So \(1.037\times 1.69=\textsf{the answer}\)