Quiz Number 3 Covering: Chapters 6 and 8 Your Name: Section 1: 25 points each qu

Question

Quiz Number 3 Covering: Chapters 6 and 8 Your Name: Section 1: 25 points each question, long answers with calculations involved. You can You may either use an excel spreadsheet or a calculator and the exam question papers (A) Suppose we use the price per ounce of silver as a method of measuring the what is the compounded annual rate of inflation over this time interval? get partial credit for each question. You must show the calculations involved. for your answers. Simply writing an answer into the answer box is not acceptable. annual inflation rate. The average price of silver per ounce in 2017 is $16. The average price of silver per ounce in 1957 was $8.00. Based on these two prices Answer Box: Page 1 2 3 4 5

Explanation / Answer

so the answer is 1.16%

n = 60years

compound annual inflation rate = {(16/8)1/60 } - 1

= { (2)0.0167 } - 1

= 1.01164 -1 = 0.01164

or 1.16%

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