Problem
In the 1920 Sears Roebuck catalog, an oak chest of drawers costs $8 plus freight. In 1990, this same chest of drawers, in good condition, is $1200. If the average rate of inflation over the 70-year period has been 3%, what has been the average yearly rate of appreciation, adjusted for inflation?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.