Since last year, the price of gold has risen from $1100 to $1420. What annual inflation rate would leave the real price of gold unchanged over the last twelve months?
A) Approximately 29%
B) 40%
C) Approximately 71%
D) 320%
E) none of the above
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Question
Since last year, the price of gold has risen from $1100 to $1420. What annual inflation rate would leave the real price of gold unchanged over the last twelve months?
A) Approximately 29% B) 40% C) Approximately 71% D) 320% E) none of the above
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