Answer:
7.429 cents
Step-by-step explanation:
Given that:
Price change = $1.51 to $2.03
Period of time = 7 years
Therefore, the annual inflation rate :
Difference in price / number of years
($2.03 - $1.51) / 7
$0.52 / 7
= 0.0742857 per year
= 0.0742857 * 100 (about 7.429 cents per year)
