Question

In 1988, a certain model of car cost $17000. What would be the cost of that car in 2017 dollars?

Answer 1

Answer:

$66,092.50

Step-by-step explanation:

In 1988, the car cost $17,000

Annual inflation over this period was 3.54% from 1988 to 2017

After adjusted for inflation, $17,000.00 in 1978 is equal to $66,092.50 in 2017

Therefore, the cost of that car in 2017 is closest to $66,092.50