In 1923, a certain country underwent one of the worst periods in history of hyperinflation, which is extraordinarily large inflation in prices. At the peak of the hyperinflation, prices rose 34,000% per month. At this rate, by what percentage would prices have risen in 1 year? In 1 day? (Assume 30 days per month.) The annual inflation rate is ×10%. (Type whole numbers.) The daily inflation rate is nothing%. (Round to the nearest whole number as needed.)
In 1923, a certain country underwent one of the worst periods in history of hyperinflation, which is extraordinarily large inflation in prices. At the peak of the hyperinflation, prices rose 34,000% per month. At this rate, by what percentage would prices have risen in 1 year? In 1 day? (Assume 30 days per month.) The annual inflation rate is ×10%. (Type whole numbers.) The daily inflation rate is nothing%. (Round to the nearest whole number as needed.)
Chapter7: Unemployment And Inflation
Section: Chapter Questions
Problem 3.7P
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In 1923, a certain country underwent one of the worst periods in history of hyperinflation, which is extraordinarily large inflation in prices. At the peak of the hyperinflation, prices rose
34,000%
per month. At this rate, by what percentage would prices have risen in 1 year? In 1 day? (Assume 30 days per month.)
The annual inflation rate is
×10%.
(Type whole numbers.)
The daily inflation rate is
nothing%.
(Round to the nearest whole number as needed.)
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