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 $9,500 in 1999? Year CPI 1960 29.6 1973 44.4 1986 109.6 1999 156.9 2012 229.6 In 2012, a car would sell for approximately $ 20486 (Round to the nearest dollar.)
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 $9,500 in 1999? Year CPI 1960 29.6 1973 44.4 1986 109.6 1999 156.9 2012 229.6 In 2012, a car would sell for approximately $ 20486 (Round to the nearest dollar.)
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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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
$9,500 in 1999?
Year
CPI
1960
29.6
1973
44.4
1986
109.6
1999
156.9
2012
229.6
In 2012, a car would sell for approximately $ 20486
(Round to the nearest dollar.)
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