The cost of a well-equipped F-150 truck was $29,350 three years ago. If the cost increased only by the inflation rate and the price today is $33,015, the inflation rate over the 3-year period was closest to: (choose one)
(a) 3%
(b) 4%
(c) 5%
(d ) 6%
33,015 = 29,350(1 + f)³
(1 + f)3 = 1.1249
(1 + f) = 1.12490.333
f = 4.0%
Answer is (b) 4%
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