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seropon [69]
3 years ago
14

In 1969, Malcolm bought a Pontiac Firebird for $2,500. If the price index was 36.7 in 1969 and the price index was 235 in 2013,

then what is the price of the Firebird in 2013 dollars?
a. $4,609.57
b. $4,957.5
c. $13,508.17
d. $16,008.17
Business
1 answer:
Ilya [14]3 years ago
6 0

Answer:

Option (d) $16,008.17

Explanation:

Data provided in the question:

The price of the Firebird in 1969 = $2,500

Price index in 1969 = 36.7

Price index in 2013 = 235

Now,

The price of the Firebird in 2013 dollars will be

= [ Price index in 2013 ÷ Price index in 1969 ] × The price of the Firebird in 1969

= [ 235 ÷ 36.7 ] × $2,500

= 6.40327 × $2,500

= $16,008.17

Hence,

Option (d) $16,008.17

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