From 1929 through the early 1930s, the prices of consumer goods actually decreased. Economists call this phenomenon deflation. The rate of deflation during this period was about 7% per year, meaning that prices decreased by 7% per year. To get
a sense of what this rate would mean in the long run, let's suppose that this rate of deflation persisted over a period of 20 years.
What would be the cost after 20 years of an item that costs $100 initially? (Round your answer to the nearest cent.)
In