https://www.usinflationcalculator.com/ (Links to an external site.) (for consistency, let us use this link for homework calculations)

https://www.bls.gov/data/inflation_calculator.htm (Links to an external site.)

https://www.usinflationcalculator.com/inflation/consumer-price-index-and-annual-percent-changes-from-1913-to-2008/ (Links to an external site.) (CPI, 1913 to current year)

1.[9 pts] “Twenty years as two decades”

a) Use inflation calculator to find the inflation rate (as a percent) from 1990 to 2000, from 2000 to 2010, and from 1990 to 2010.

b) Explain why the inflation rate from 1990 to 2010 is not just the sum of the rate from 1990 to 2000 and the rate from 2000 to 2010.

c) Compute the 1990 to 2010 rate correctly from the rates for the two previous decades.

2)[9] On June 10, 2010, The Boston Globe reported that in the five years between 2006 and 2011, Boston firefighters received raises of 2%, 2.5%, 3%, 3.5%, 2.5%, and 1.5%

a) Explain why the overall raise for 2006-2011 period is not just the sum of the six percentage increases.

b) What was the firefighters overall raise for the five year period?

c) What was the firefighters overall raise when you take inflation into account?

Hint: When you use inflation calculator, remember tht the base py for these raises was the 2005 value, not the one in 2006. That was after the first case.

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