Question

A pack of 1 litre of milk costs Rs 41. How much will it cost in 3 years if the inflation rate of milk is 4% per annum?​

Answer 1

Answer:

Inflation can be better explained with an example. A litre of toned milk used to cost INR 25 in the year 2010. Now the same litre of toned milk costs INR 45 in 2020. The milk has become dearer (costlier). With the same INR 25, one can get only half a litre of milk in 2020. This is called the falling purchasing power of the currency.

Step-by-step explanation:

Answer 2

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