This question is from Math for business textbook

Or-Econo... X 8. The prices of a good at the end of each year between 2003 and 2008 are listed in Table 3.19, which also shows the annual rate of inflation. Table 3.19 Year 2003 2004 2005 2006 2007 2008 230 257 284 Price Inflation 242 4% 251 3% 2.5% 270 2% 2% (a) Find the values of the prices adjusted to the end of year 2004, correct to 2 decimal places. Hence, calculate the index numbers of the real data with 2004 as the base year. Give your answers correct to 1 decimal place. (b) If the index number of the real price for 2009 is 109 and the rate of inflation for that year is 2.5%, work out the nominal value of the price in 2009. Give your answer rounded to the nearest whole number. (c) If the index number of the real data in 2002 is 95.6 and the nominal price is $215, find the rate of inflation for 2002. Give your answer correct to 1 decimal place. 1 213 / 673 - - D E 175.03% -6 Desktop ^ 58 o te Or-Econo... X 8. The prices of a good at the end of each year between 2003 and 2008 are listed in Table 3.19, which also shows the annual rate of inflation. Table 3.19 Year 2003 2004 2005 2006 2007 2008 230 257 284 Price Inflation 242 4% 251 3% 2.5% 270 2% 2% (a) Find the values of the prices adjusted to the end of year 2004, correct to 2 decimal places. Hence, calculate the index numbers of the real data with 2004 as the base year. Give your answers correct to 1 decimal place. (b) If the index number of the real price for 2009 is 109 and the rate of inflation for that year is 2.5%, work out the nominal value of the price in 2009. Give your answer rounded to the nearest whole number. (c) If the index number of the real data in 2002 is 95.6 and the nominal price is $215, find the rate of inflation for 2002. Give your answer correct to 1 decimal place. 1 213 / 673 - - D E 175.03% -6 Desktop ^ 58 o te