1 answer

QUESTION 9 In 1970, a Ford Mustang costed $5,398. The price index today is 251 and...

Question:

QUESTION 9 In 1970, a Ford Mustang costed $5,398. The price index today is 251 and the price index was 68 in 1970. What is th
QUESTION 9 In 1970, a Ford Mustang costed $5,398. The price index today is 251 and the price index was 68 in 1970. What is the price of this Ford Mustang in today's dollars? QUESTION 10 The CPI was 168 in 2012, and the CPI was 144 in 1992. If your parents put aside $2.331 for you in 1992, then how much would you need in 2012 to buy what you could have bought with the $2.331 in 1992?

Answers

Q9

Price of ford mustang today's dollars = 5398 * 251 / 68 = 19924.97 ~ 19925 (Nearest Dollar)

Q10

Amount required today = 2331 * 168 / 144 = 2719.50

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