Assume that a gallon of regular gasoline cost $2.69 in January, 2010, and inflation averaged 1.82%...
Assume that a gallon of regular gasoline cost $2.69 in January, 2010, and inflation averaged 1.82% per year over the 10 year period until January 2020. Calculate the cost for a gallon of gas in 2020, if the cost had increased at the rate of inflation.
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$2.73
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$3.22
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$3.27
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$2.33
Homework Answers
Answer: $3.22
Cost for a Gallon of Gas in 2022
= Costin 2019 *(1+Infaltion rate ) ^ years
= Years = 10
= 2.69*(1+0.0182)^10 = $ 3.22 (Answer)
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