Question 1: The value of a market basket in the base year is $12,000. The baskets price index, using the same base year, is 1.12 for the current year. What is the value of the market basket in the current year?

Question 2: The nominal (not-inflation-adjusted) value of a market basket in 2016 is $9,000. The price index for this basket (base year, 2000) is 1.07. What is the 2016 real (inflation-adjusted) value of the market basket in 2000 dollars?