Based on the inflation rate in the United States in 1949, the cost of the car at the end of the year would be $1,470.
What is the cost of the car at year's end?
The cost can be found by the formula:
= Cost x (1 + inflation rate)
The inflation rate is negative so solving gives:
= 1,500 x (1 - 2%)
= $1,470
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