CPI in 2020 = (Value of Market Basket in current year Value of market basket in base year) x 100

THIS IS WHAT YOU WILL DO FOR THIS ASSIGNMENT.

1. Choose any 4 items from basket 1, choose all items from basket 2 and all from basket 3. You will have a total of 14 items.

2. Make a table just like table 1 above but with the 14 items you chose. Find the prices of these 14 items this month (in 2020). Take care NOT to get the sale prices. Take a trip to the store (optional) or use the Internet to search the latest prices. List all the prices in your table 1. Calculate the total value of your market basket today.

3. Make a table just like table 2 above. List the prices of the these same 14 items in base year. The base year will be different for different students.If your last name is A - F, choose 2016, for G - L choose 2017, for M - R choose 2018 and for S -Z choose 2019. Find the value of the market basket in the base year you chose. This is the market basket in the base year.

4. Nowcalculate the CPIin 2020. (Look up the CPI formula.(The answer will be ONE index number)

5. Calculate therate of inflationbetween the base year you chose (2016, 2017, 2018, 2019) and the current year, 2020.(The answer will be a percentage and it will be just ONE answer. Show the work.)