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Llana [10]
3 years ago
12

Calculate how much each of the following items is worth in terms of today's dollars using 180 as the price index for today.

Business
1 answer:
Yuri [45]3 years ago
7 0

Answer:

A. $3

B. $257.142

C. $2.25

Explanation:

A. In 1925, the CPI was 18 and the price of a movie ticket was $0.30.

The current CPI is 180.

The price today will be

= \frac{Price}{CPI}\ \times\ Current\ CPI

= \frac{0.3}{18}\ \times\ 180

= $3

B. In 1930, the CPI was 14 and a cook earned $20 a week.

The current CPI is 180.

The price today will be

= \frac{Price}{CPI}\ \times\ Current\ CPI

= \frac{20}{14}\ \times\ 180

= $257.142

C.  In 1940, the CPI was 16 and a gallon of gas cost $0.20.

The current CPI is 180.

The price today will be

= \frac{Price}{CPI}\ \times\ Current\ CPI

= \frac{0.2}{16}\ \times\ 180

= $2.25

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