Question

The inflation rate of the U.S. dollar is 3.7 percent. What this means is that every year, prices increase by 3.7 percent. If a quart of oil cost $1.69 five years ago, what does it cost now? a. $8.14 b. $1.40 c. $1.75 d. $2.03

Answer 1

whatever% of anything is just (whatever/100) * anything.

since we know inflation is 3.7%, what is 3.7% of 1.69?

well is just (3.7/100) * 1.69.

that's how much the quart of oil costs more now. So simply add that to 1.69.

Answer 2

D. $2.03

Hope this helps!!!