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Ira Lisetskai [31]
3 years ago
6

Suppose the current cost of gasoline is ​$2.58 per gallon. Find the current price index​ number, using the 1975 price of 56.7 ce

nts as the reference value.
Mathematics
1 answer:
AleksandrR [38]3 years ago
7 0

Answer:

Current price index​ number = 455

Step-by-step explanation:

Given:

Current cost of gasoline = ​$2.58 per gallon

1975 price of gasoline = 56.7 Cents = 56.7 / 100 = $0.567 per gallon

Find:

Current price index​ number = ?

Computation:

Current price index​ number = (Current cost / Reference cost) 100

Current price index​ number = (​$2.58 / $0.567)100

Current price index​ number = (4.55​)100

Current price index​ number = 455

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