How Do You Calculate Future Cost Of Goods Using Inflation Rates?
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Businesses calculate the future cost of goods to set prices, to buy goods when prices are low and basically to save them money. You don’t have to be a business to need this type of calculation. Anyone planning for retirement should be able to make a rough estimate on how much household goods cost in future. Decide what you think is a reasonable average for inflation rates. Inflation averages have varied tremendously over the years. Three percent is usually used for an average cost of living inflation rate. If you want to find specific products or services, note that some increase faster than others. Medical costs and education go up faster and home electronics and appliances go up slower. Use the rule of 72 to find the future cost of goods. The rule of 72 is usually used to find out how long it takes for money to double at a specific interest rate. Divide the number you chose as an inflation rate, as a whole number, not a decimal, into 72. The product is the number of years that it tak
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