The inflation rate between the following two years was 5.5%. Compute the value...
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The inflation rate between the following two years was 5.5%. Compute the value of CPI in 2016.
| Year | CPI |
| 2015 | 112 |
| 2016 | ? |
Answer:
Round your answer to two decimal places.
Hint: you need to write out the formula for the inflation rate, and then do cross multiply. You'll have to isolate for the unknown by moving the numbers to the other side. Play around with it. Remember to convert the inflation rate to decimals.
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