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The Consumer Price Index (CPI) average change in price over time

The Consumer Price Index (CPI) average change in price over time

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 3SE: The Oxford Dictionary defines the word nominal asa value that is “stated or expressed but...
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The Consumer Price Index (CPI) is a measure of the average change in price over time from a designated reference period, at which it equals 100. The index is based on prices of basic consumer goods and services. The table provided lists the CPI for several years from 1960 to 2012. If the price change in cars parallels the change in the CPI, what would a car sell for (to the nearest dollar) in 2012 if a comparable model sold for $8,000 in 1999? Year CPI 1960 29.6 1973 1986 1999 44.4 109.6 156.9 2012 229.6 In 2012, a car would sell for approximately $ (Round to the nearest dollar.)
Transcribed Image Text:The Consumer Price Index (CPI) is a measure of the average change in price over time from a designated reference period, at which it equals 100. The index is based on prices of basic consumer goods and services. The table provided lists the CPI for several years from 1960 to 2012. If the price change in cars parallels the change in the CPI, what would a car sell for (to the nearest dollar) in 2012 if a comparable model sold for $8,000 in 1999? Year CPI 1960 29.6 1973 1986 1999 44.4 109.6 156.9 2012 229.6 In 2012, a car would sell for approximately $ (Round to the nearest dollar.)
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