Question: Given the inflation model C ( t ) = C 0 ( 1 + r ) t and given that a car that currently sells

Given the inflation model C(t)=C0(1+r)t and given that a car that currently sells for $50,600 sold for $23,0005 years ago, what has the average annual rate of inflation been for the past 5 years? Round to two decimal places.

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