The inflation rates in the U. economy for 2001 through 2004 are 3.4%, 2.8%, 1.6%, and 2.3%, respectively.

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The inflation rates in the U.S. economy for 2001 through 2004 are 3.4%, 2.8%, 1.6%, and 2.3%, respectively.† What was the purchasing power of a dollar at the beginning of 2004 compared to that at the beginning of 2001? (Round your answer to the nearest cent.)

If we take 1967=100 as base year i.e, the value of USD as $1.00 then with rising inflation the value of $1.00 in 2001 was 0.189 and in 2004 it was 0.177.In the given formula if we calculate the…

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