Inflation is a general increase in prices and may be measured by the Consumer Price Index (CPI). The following problem is related to price increases: 1. Your parents bought a home for $50,000 in 1982...

Inflation is a general increase in prices and may be measured by the Consumer Price Index (CPI). The following problem is related to price increases:

1. Your parents bought a home for $50,000 in 1982 and sold it in 2012 for $250,000. What was the annual rate of price increase over the 30 years?