Question

The median cost to air condition a house in Florida during the summer last year was $1,870. This year the median cost to air condition the same house is $1,950. Find the rate of inflation.

4.3%

4.2%

4.0%

4.1%

Answer 1

the inflation is 1,950-1870=80

if 1870 is the 100% 80 is the x%

1870/100=80/x
x=100(80)/1870
x=8000/1870
x=4.27

but you can round it to 4.3