The price of oil in 2005 was $67 per barrel. “This price is still lower than the price of oil in 1981” says a government publication. If inflation has averaged 3.2% per year from 1981 to 2005, what was the price per barrel of oil in 1981?
The price of oil in 2005 was $67 per barrel. “This price is still lower than the price of oil in 1981” says a government publication. If inflation has averaged 3.2% per year from 1981 to 2005, what was the price per barrel of oil in 1981?
Chapter17: Inflation
Section: Chapter Questions
Problem 5SQ
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The price of oil in 2005 was $67 per barrel. “This price is still lower than the price of oil in 1981” says a government publication. If inflation has averaged 3.2% per year from 1981 to 2005, what was the price per barrel of oil in 1981?
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