In a sale, normal prices are reduced by 20%. Andrew bought a saddle for his horse in the sale. The sale price of the saddle was
1 answer:
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Answer:
$677.18
Step-by-step explanation:
Data provided in the question:
Bill’s nominal income in 1990 = $1,009 per month
CPI value in the year 1990 = 149
CPI value in the year 2017 = 192
Now,
The Consumer price index ( CPI ) is given as :
CPI =
thus,
for the given case of year 1990
149 =
or
Real income in 1990 =
or
Real income in 1990 = $677.18