The cost of a first-class postage in 1970 was $0.06 and the cost of postage in year 2007 is $0.41. Determine the average inflation rate (to nearest 0.01%) over the years.
Suggestion: Treat this like an investment of 6 cents in 1970 giving a future value of 41 cents in 2007. Set up a TVM equation and solve for i (usually means interest rate, but here we can consider it inflation rate).
Reasoning/Work: