The cost of constructing a roundabout (R/A) in a low-traffic residential neighborhood 5 years ago was $625,000. A civil engineer designing another R/A that is almost the same design estimates the cost today will be $740,000. If the cost had increased only by the inflation rate over the 5 years, determine the inflation rate per year.
What will be an ideal response?
740,000 = 625,000(F/P,f,5)
(F/P,f,5) = 1.184
(1 + f)? = 1.184
f = (1.184)^(0.2) - 1
= 0.0344 (3.44% per year)
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