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Answer :
Final answer:
The inflation rate between two years with price indices 220 and 238.2 can be calculated using the given formula, resulting in a value approximately equal to 8.27%, which is closest to 8.3%
Explanation:
The inflation rate can be computed by subtracting the price index of the previous year from that of the current year, dividing the result by the price index of the previous year and then multiplying by 100 to convert it into percent.
So, the formula is as follows: [ (Current Price Index - Previous Price Index) / Previous Price Index ] x 100
In this case, the formula becomes: [(238.2 - 220) / 220] x 100
After calculation, this gives an inflation rate of approximately 8.27%. So, the closest answer is 8.3 percent (option a).
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