Determine the annual rate of inflation of electricity prices


A large corporation's electricity bill amount to $400 million. During next 10 years electricity usage is expected to increase by 75%, and calculated electricity bill 10 years hence has been projected to be $920 million. Assuming electricity usage and the rates increase at the uniform annual rate over next 10 years, determine the annual rate of inflation of electricity prices expected by corporation?

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Macroeconomics: Determine the annual rate of inflation of electricity prices
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