Shea is pricing materials (wood, wire, pipe, etc.) for new home construction on a "per unit" basis. Inflation on materials has been running at 16.0% for the past 3 years and is expected to remain at that rate for the next 10 years. The actual dollars paid for expenses at the end of year 3 for a "unit" are $55,000. a: What did the same set of materials cost 3 years ago?

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based on the 16 inflation rate for the past 3 years we can calculate what the ... View the full answer