Affording a Mercedes. A Mercedes-Benz 190 cost $24,000 in 1981, when the CPI (198284 = 100) was

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Affording a Mercedes. A Mercedes-Benz 190 cost $24,000 in 1981, when the CPI (1982–84 = 100) was 90.9. The average CPI for 2007 was 207.3.

How many 2007 dollars must you earn to have the same buying power as

$24,000 had in 1981? (Hint: See pages 343–344.)

368 Part II Review

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Statistics Concepts And Controversies

ISBN: 9781429277761

7th Edition

Authors: David S Moore, William I Notz

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Affording a Mercedes. A Mercedes-Benz 190 cost $24,000 in 1981, when the CPI (198284 = 100) was

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Statistics Concepts And Controversies

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