Math Problem Statement

Use the given Consumer Price Index values to solve the following problem. If you spent ​$62 comma 85062,850 for​ goods, services, and housing in 20062006​, what would the same purchases have cost in 19831983​? Question content area bottom left Part 1 How much would the same purchases have cost in 19831983​? ​$enter your response here ​(Round to the nearest dollar as​ needed.) . . . Question content area right Part 1 Average Annual Consumer Price Index (CPI) (1982-1984=100) YearYear CPICPI YearYear CPICPI YearYear CPICPI 19821982 96.596.5 19951995 152.4152.4 20082008 215.3215.3 19831983 99.699.6 19961996 156.9156.9 20092009 214.5214.5 19841984 103.9103.9 19971997 160.5160.5 20102010 218.1218.1 19851985 107.6107.6 19981998 163.0163.0 20112011 224.9224.9 19861986 109.6109.6 19991999 166.6166.6 20122012 229.6229.6 19871987 113.6113.6 20002000 172.2172.2 20132013 233.0233.0 19881988 118.3118.3 20012001 177.1177.1 20142014 236.7236.7 19891989 124.0124.0 20022002 179.9179.9 20152015 237.0237.0 19901990 130.7130.7 20032003 184.0184.0 20162016 240.0240.0 19911991 136.2136.2 20042004 188.9188.9 20172017 245.1245.1 19921992 140.3140.3 20052005 195.3195.3 20182018 251.1251.1 19931993 144.5144.5 20062006 201.6201.6 20192019 255.7255.7 19941994 148.2148.2 20072007 207.3207.3 20202020 258.8258.8 20212021 271.0271.0

Solution

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Math Problem Analysis

Mathematical Concepts

Consumer Price Index (CPI)
Proportions
Inflation Calculation

Formulas

Cost in earlier year = (CPI in earlier year / CPI in later year) * Cost in later year

Theorems

Proportionality in price index comparisons

Suitable Grade Level

Grades 9-12