A museum charges £360 for annual membership. The membership price goes up by the rate of inflation each year. Inflation is 4% in the first year and 3% in the second year.
Calculate the membership price at the end of the second year.
62 exam-style questions on OCR GCSE Economics 3.4 Price stability, covering 3.4.1 Price stability and inflation, 3.4.2 Measuring inflation with CPI, 3.4.3 Calculate the effect of inflation, 3.4.4 Analyse inflation figures, and 3.4.5 Causes and consequences of inflation. Each one has a worked solution and a mark scheme showing where the marks go.