In January of 1997, the U.S. Consumer Price Index (CPI) stood at 159.1. By January of 2011, the level had risen to 220.2. What was the average annual rate of inflation over this time period as measured by the CPI?
A) 2.35%
B) 3.31%
C) 2.97%
D) 2.60%
Answer: A
Explanation: A) r = (FV/PV)1/n - 1 = (220.2/159.1)1/14 - 1 = 2.35%
MODE = END
INPUT 14 ? -159.1 0 220.2
KEY N I/Y PV PMT FV
CPT 2.35
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