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2 February, 22:17

The Pell Grant program of the federal government provides financial aid to needy college students. If the average grant is slated to increase from $4050 to $5400 over the next 5 years "to keep up with inflation," what is the average inflation rate per year expected to be?

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  1. 2 February, 22:34
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    The average inflation rate per year is expected to be 6,6%.

    Explanation:

    Inflation refers to the increase in the price of goods and services in a specific period of time. Considering that the statement says that the average grant is slated to increase from $4050 to $5400, you can calculate the average inflation rate per year by calculating the price increase percentage and then dividing that by 5:

    ($5400-$4050) / $4050 = 0,33*100 = 33%

    33%/5 = 6,6%
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