ws the nominal (unadjusted) prices for gold over several years. Complete the table showing gold prices in constant 2020
The following table shows inflation rates for several decades into 2020 dollars.
|
Time span |
1980-2020 |
1990-2020 |
2000-2020 |
2010-2020 |
|
Inflation |
232% |
102% |
53% |
19% |
The following table shows the nominal (unadjusted) prices for gold over several years. Complete the table showing gold prices in constant 2020 dollars. (Round to the nearest cent.) Show your work below the table.
|
Year |
1980 |
1990 |
2000 |
2010 |
2020 |
|
Nominal (unadjusted) price per ounce |
$516.92 |
$381.73 |
$273.68 |
$1179.25 |
$1636.35 |
|
Constant (adjusted) price per ounce in 2020 dollars |
|
|
|
|
|
|
1a. 1980
$516.92 |
|
|
1b. 1990
$381.73 |
|
|
1c. 2000
$273.68 |
|
|
1d. 2010
$1179.25 |
|
|
1e. 2020
$1636.35 |
It is not necessary to adjust the 2020 price, |
a) Inflation=232%
Constant price in 2020 as,
b)Inflation=102%
Constant price in 2020 as,
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
