Title: Inflation in Everyday Life: Unraveling the Mystery with Chairman Bob Sutton, the Patriot Educator
Introduction
Chairman Bob Sutton, a renowned patriot and educator, takes us on a journey to understand the rate of inflation using a simple example that relates to our daily lives. Using the gas price as our subject, we will uncover how to calculate the rate of inflation in three easy steps.
The Scenario
Imagine a time when the old price of gasoline was $1.98 per gallon. Today, the price has risen to $3.99 per gallon. How can we determine the rate of inflation between these two periods?
Step 1: Finding the difference between the new and old price
The first step is to find the difference between the new price and the old price. In our example, we will subtract the old price of $1.98 from the new price of $3.99:
$3.99 (New Price) - $1.98 (Old Price) = $2.01 (Difference)
Step 2: Taking the difference and dividing it by the old price
Next, we will take the difference we calculated in Step 1 and divide it by the old price. This will give us the proportional increase or decrease in price:
$2.01 (Difference) / $1.98 (Old Price) ≈ 1.015 (Proportional Increase)
Step 3: Multiplying the findings by 100%
Lastly, we will multiply the proportional increase by 100% to find the rate of inflation:
1.015 (Proportional Increase) x 100% ≈ 101.5%
Conclusion
Chairman Bob Sutton, the patriot educator, demonstrates that the rate of inflation between the old gas price of $1.98 and the new price of $3.99 is approximately 101.5%. This simple example illustrates how inflation can impact our daily lives and the importance of understanding the concept to make informed decisions.
By breaking down complex topics like inflation into easy-to-understand examples, Chairman Bob Sutton continues to educate and inspire individuals to be more informed and engaged citizens. Understanding the rate of inflation is just one example of how economic concepts can be easily grasped, empowering people to take control of their financial future.
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