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What equation do I use for this?

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Dave bought a new car 8 years ago for $8400. To by a new car comparably equipped now would cost $12500. Assuming a steady rate of increase, what was the yearly rate of inflation in car prices over the 8-year period?
 Oct 15, 2013

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avatar+118654 
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subtract to find the increase in price in dollars
then
it will be
dollar increase / original price * 100 %
 Oct 15, 2013

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