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Suppose you needed $17,000 to maintain a particular standard of living in 1974. How much would you have needed in 2001 to maintain the same
Suppose you needed $17,000 to maintain a particular standard of living in 1974. How much would you have needed in 2001 to maintain the same standard of living? Assume that all prices have risen at the same rate as the CPI.
Year | CPI | Year | CPI | Year | CPI |
---|---|---|---|---|---|
1973 | 44.4 | 1984 | 103.9 | 1995 | 152.4 |
1974 | 49.3 | 1985 | 107.6 | 1996 | 156.9 |
1975 | 53.8 | 1986 | 109.6 | 1997 | 160.5 |
1976 | 56.9 | 1987 | 113.6 | 1998 | 163.0 |
1977 | 60.6 | 1988 | 118.3 | 1999 | 166.6 |
1978 | 65.2 | 1989 | 124.0 | 2000 | 172.2 |
1979 | 72.6 | 1990 | 130.7 | 2001 | 177.1 |
1980 | 82.4 | 1991 | 136.2 | 2002 | 179.9 |
1981 | 90.9 | 1992 | 140.3 |
How much would you have needed?
$____.
(Round to the nearest dollar.)
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