The Consumer Price Index (CPI) is a measure of the average change in price over time from a designated
The Consumer Price Index (CPI) is a measure of the average change in price over time from a designated
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Question 10, 1.1.51-BE
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Equations and Inequalities
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
%$412,500 in 1999?
Year
CPI
096
1973
44.4
1986
156.9
2012
229.6
In 2012, a car would sell for approximately $
(Round to the nearest dollar.)
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