about Consumer Price Index (CPI) that measures the cost of living of a typical consumer. The cost of living has changed over time due to inflation; hence, making it difficult to compare prices across time. So, in order to compare a price of a book, house, car, or any other product or service, we need to bring the past dollars into today's dollars, meaning to adjust them for cost of living changes {in other words, adjust them for inflation). Please bring a real example and compare the prices. Below is an example. the CPI calculator provided by BLS. It will show that $1 in $1.57. So, the price of $340,000 in 1998 would translate into $534.817.93. If the price of the house increased at the same rate as the cost of living, then, in January 2020, the price of the house would be $534,817.93. If it is sold for $995,000, then indeed the owner will be making a substantial profit. Price in 1171998 Prices in 122020 $1.00 $1.57 340,000.00 $534,817.93 However, if a similar house were sold for $700,000 in 1998 and today is sold for $1,000,000, you can observe that the owner would be making losses of about $101,095. Please respond if you do not understand why. CPI Inflation Calculator $ 340,000.00 in November 1998 has the same buying power as $534,817.93 in January 2020 Calculate