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The management at a small manufacturing plant has noticed that the price of steel has increased significantly over the past several years.

The management at a small manufacturing plant has noticed that the price of steel has increased significantly over the past several years. Looking over their records, they find that over the four year period, prices have increased by 40%. They expect this same trend in prices for next year. In budgeting for next year, by how much should they expect prices to increase?

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