Solved: What would be the average annual inflation rate, Macroeconomics

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What would be the average annual inflation rate

Question:

Thirty years ago, the price of a new Volkswagen was $5,000. (Actual price adjusted to simplify the calculation). The price of a new Volkswagen is $20,000 today. Basing your answer solely on the aforementioned prices, by what percent have prices increased over the past thirty years? What average annual inflation rate would have resulted in this answer? (Show your work).

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Macroeconomics: What would be the average annual inflation rate

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