Asked Sep 25, 2019

Using Social Security Administration data for selected years from 2012 and projected to 2050, the U.S. consumer price index (CPI) can be described by the equation

C = 0.068  + 1.8t + 96

where t is the number of years past 2010. With 2012 as the reference year, a year in which the CPI = 120.56 means goods and services that cost $100.00 in 2012 are expected to cost $120.56 in that year. Find the year in which the CPI is predicted to reach 150.00.


Expert Answer

Step 1

Considering the Consumer price index (CPI) by the equation

C = 0.068t2  + 1.8t + 96

Step 2

This is a quadratic equation and the formula to solve is shown below:

Step 3

Applying this formula and solving for t...


Image Transcriptionclose

Substitute 0.068 for a, 1.8 for b and -54 for c in the formula. -1.8+/(1.8)2+4x54x0.068 2x0.068 -1.8+y3.24+14.688 0.136 -1.8+4.23 0.136 Solve for . -1.8+4.23 0.136 -1.8-4.23 0.136 or x= 2.43 0,136 Or -6.03 = 0.136 17.868 or x -44.338 The negative value of a will be rejected.


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