MONEY In 1960, the average price of a car was about $2500. This may sound inexpensive
Chapter 1, Problem 33(choose chapter or problem)
MONEY In 1960, the average price of a car was about $2500. This may sound inexpensive, but the average income in 1960 was much less than it is now. To compare dollar amounts over time, use the formula V = _ A S C, where A is the old dollar amount, S is the starting years Consumer Price Index (CPI), C is the converting years CPI, and V is the current value of the old dollar amount. Buying a car for $2500 in 1960 was like buying a car for how much money in 2004? Year 1960 1970 1980 1990 2000 2004 Average CPI 29.6 38.8 82.4 130.7 172.2 188.9
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