The difference between the price of an electric razor in 1983 and the cost of an electric razor when the cpi is 207, to the nearest cent is given by: Option D: $6.88
<h3>What is consumer price index?</h3>
The consumer price index is the new cost of market basket in terms of percentage of old cost of market basket.
= consumer price index in current period
= cost of market basket in current period
= cost of market basket in base period
Then, we have:

For this case, we're given that:
- In 1983, CPI of considered razor = 185, and price = $57.81
- In some other year, the CPI of considered razor = 207, and price = $ ?? (to find).
Let the base price of the razor in some base period be
Then, for year 1983, we get:

Now for the year when CPI is 207, let the price of th razor be $x, then we get:

The difference between the two prices is:

Thus, the difference between the price of an electric razor in 1983 and the cost of an electric razor when the cpi is 207, to the nearest cent is given by: Option D: $6.88
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