Given data:
The cost of the item is $11.50.
The inflation percentage is 2.7%.
Increase in the price is,
[tex]\begin{gathered} =11.50\times(\frac{2.7}{100}_{}) \\ =11.50\times0.027 \\ =0.3105 \end{gathered}[/tex]Total amount to be paid last year,
[tex]\begin{gathered} =11.50+0.3105 \\ =11.8105 \end{gathered}[/tex]Therefore you will have to pay $ 0.3105 more.
