When the average price of an item increases from p1 to p2 over a period of n years, the annual rate of inflation r (in decimal form) is given by r=(p2/p1)^(1/n) -1. the average price of a loaf of bread increased from $0.40 in 1970 to $3.20 in 2013. what was the annual rate of inflation r? write your answer in decimal form to the nearest hundredth. r=

 0.05 ( Approx) is the annual rate of inflation.

Step-by-step explanation:

Here, the annual rate of inflation r (in decimal form) is given by

The average price of a loaf of bread increased from $0.40 in 1970 to $3.20 in 2013.

Therefore, and and n=43 years

Thus, The required rate of inflation,

⇒

⇒=0.04954748605≈0.05

180

step-by-step explanation:

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