[Chuah]

I assume you understand how Hi-low method works so I will skip explaining deep into it.

There was inflation of 3% between Jan to Dec, hence you will need to calculate what is the value in Dec if no inflation takes place.
$97,438/1.03=$94,600

After getting the value in Dec excluded inflation you can continue your calculation by using Hi-low method.
($94,600-$86,800)/(21,000-18,000)=$2.60

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