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Complete the following table. All answers should be to the nearest whole #. Year Value of Market Basket Consumer Price Index

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Answer #1

Answer

The table can be filled by the following formulae:

CPI = Value of Market basket of current year/ Value of Market basket of base year

Note- CPI is always 100 for Base Year

Inflation Rate = Subtract the starting date CPI from the later date CPI and divide your answer by the starting date CPI. Multiply the results by 100.

Year Value of Market Basket CPI Inflation rate

1 500 100 -

2 575 115 15

3 675 135 17

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