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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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