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Question: In the 1920 Sears Roebuck catalog, an oak chest of drawers costs $8 plus freight. In 1990, this s...

Show transcribed image text In the 1920 Sears Roebuck catalog, an oak chest of drawers costs $8 plus freight. In 1990, this same chest of drawers, in good condition, was $1200. If the average rate of inflation over the 70-year period has been 3%, what has been the average yearly rate of appreciation, adjusted for inflation?

In the 1920 Sears Roebuck catalog, an oak chest of drawers costs $8 plus freight. In 1990, this same chest of drawers, in good condition, was $1200. If the average rate of inflation over the 70-year period has been 3%, what has been the average yearly rate of appreciation, adjusted for inflation?