In the 1920 Sears Roebuck catalog, an oak chest of drawers cost $8 plus freight. In 1990 this same chest of drawers, in good condition, was $1200. If the average rate of inflation over that 70-year period was 3%, what was the average yearly rate of appreciation, adjusted for inflation?

Answer rating: 100% (QA)

1 In 1920 Oak Chest of drawers Cost 8 In 1990 Same dra... View the full answer