Question

As inflation increases, the value of the dollar decreases at the same rate. The value of the dollar after t months of inflation can be found by raising the difference of 1 and the rate of inflation, r, to the power of t. If the current rate of inflation is 8%, what will the value of the dollar, d, be after 7 months? Round to the nearest cent.
$0.61
$0.51
$0.64
$0.56
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