a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation between 1995 and 2016, how much would a ticket cost in 2016 if it cost $100 in 1995

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tatendagota tatendagota · Answer 1 · 2020-03-15T04:02:59+01:00

Answer:

$ 99.60

Step-by-step explanation:

Thinking process:

According to financial data, the inflation rate in 1995 was at 2.5 %.

In 2016, the inflation rate was at 2.1 %

The difference was: 2.1 - 2.5 = -0.4 %

The price in 2016 = Original price - Adjusted price

Adjusted price = [tex]0.004* ($ 100) = $ 0.4[/tex]

The new price will be [tex]$ 100 - $ 0.4\\= $ 99.60[/tex]

The new price will be $ 99.60

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okpalawalter8 okpalawalter8 · Answer 2 · 2022-04-01T11:24:56+02:00

The 2016 cost of the ticket is mathematically given as

x= $ 99.60

Question Parameter(s):

rate of inflation between 1995 and 2016

if it cost $100 in 1995

the inflation rate in 1995 was at 2.5 %.

he inflation rate in 2016 was at 2.1 %.

Generally, the equation for the inflation difference is mathematically given as

R=2016-1195

Therefore

R=2.1 - 2.5

R= -0.4 %

In conclusion, The price in 2016

X = Original price - Adjusted price

X=100-0.4

x= $ 99.60