The inflation rate on this instrument has been 102.78%.
How is the inflation rate calculated?
To calculate the inflation rate, subtract the starting price ($1,800) from the later price ($3,650), and divide $1,850 by the starting date ($1,800), which is then multiplied by 100.
Data and Calculations:
Cost of guitar eleven years ago = $1,800
Current cost of guitar = $3,650
Inflation in dollar terms = $1,850 ($3,650 - $1,800)
Inflation rate on guitar = 102.78% ($1,850/$1,800 x 100)
Thus, the inflation rate on this instrument has been 102.78%.
Learn more about the inflation rate at https://brainly.com/question/1100560
