In the following table we present the average prices of three precious metals-gold, silver, and platinum-for the years 1988 through 1996:

a. By using the year 1988 as the base year, construct a simple index for each of gold, silver, and platinum.
b. Using the three indexes you constructed in part a, describe price trends for gold, silver, and platinum from 1988 to 1996.
c. By using the year 1988 as the base year, construct an aggregate price index for these precious metals. Using the aggregate price index, describe trends for precious metals prices from 1988 to 1996.
d. By using the year 1990 as the base year, construct an aggregate price index for these precious metals.

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Year Gold Price (S/Fine Oz.) 438 383 385 363 345 361 385 368 390 Silver Price (S/Fine Oz.) 6.53 5.50 4.82 4.04 3.94 4.30 5.29 515 5.30 Platinum Price (S/Troy Oz.) 523 507 467 371 360 374 411 425 410 1988 1989 1990 1991 1992 1993 1994 1995 1996