In 1982 the inflation rate hit 16%. Suppose that the average cost of a textbook in 1982
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In 1982 the inflation rate hit 16\%. Suppose that the average cost of a textbook in 1982 was \(\$ 15\). What was the expected cost in the year 2017 if we project this rate of inflation on the cost? (Assume continuous compounding.) If the average cost of a textbook in 2012 was \(\$ 120\), what is the actual inflation rate (rounded to the nearest tenth percent)?
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