Question: Given the inflation model C(t) = Co(1+r)' and given that a car that currently sells for $47,080 sold for $21,400 5 years ago, what

Given the inflation model C(t) = Co(1+r)' and given that a car

Given the inflation model C(t) = Co(1+r)' and given that a car that currently sells for $47,080 sold for $21,400 5 years ago, what has mong the average annual rate of inflation been for the past 5 years? Round to two decimal places.

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