the inflation rate on home heating oil is 9%. if the price of home heating oil was $2.38 per gallon, what is…

Explanation:

Step1: Calculate the inflation - adjusted amount

The inflation rate is 9% or 0.09 in decimal form. The formula to find the current price is $P = P_0(1 + r)$, where $P_0$ is the original price and $r$ is the inflation rate. Here, $P_0=$2.38$ and $r = 0.09$. $P=2.38\times(1 + 0.09)$

Step2: Perform the multiplication

$P=2.38\times1.09$ $P = 2.5942$

Step3: Round to the nearest hundredth

Rounding 2.5942 to the nearest hundredth gives 2.59.

Answer:

$2.59$