The Consumer Price Index: A Way to Compare Prices in Different Years Inflation is a decline in the value of money in relation to the goods that it can buy and is a pervasive economic phenomenon. It is so pervasive that it is very difficult to compare this year's prices to last year's, much less compare prices over decades. Here is a graph of the buying power of $1.00 since 1940: How is the "buying power" of $1.00 measured? How can we compare prices of item in different years? The answer is the use of price indices such as the consumer price index or CPI. Below is a simplified explanation of how the indices are created and how we can use them. Economists choose a base year and determine the price of a "bundle" of goods: food, clothing, housing costs, transportation costs, services, entertainment in varying proportions. The proportions for the index we are using (CPI(U)) are Components of the CPI Housing Transportation Food Energy Medical Care Apparel and Upkeep Other 41.4% 17.8% 16.2% 8.2% 6.4% 6.1% 3.9% The cost of this bundle in one year is assigned an index number. The next year, the cost of the same bundle is determined. The CPI for that year represents the new cost of the bundle. Using the CPI The Table below shows the official CPI since 1990. We will explore how it is used. Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 CPI 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6 233.0 236.7 The entire table of CPI values can be found in the CPI file on Blackboard under CPI notes. The beauty of this table is that we can easily compare any two years' prices. For example, from the table we can see that in 1990, it would cost $130.70 for goods and services that would cost $166.60 in 1999 and that the same goods and services would cost $236.70 in 2014. We can therefore say that $130.70 in 1990 is equivalent to $166.60 in 1999 which is equivalent to $236.70 in 2014. This information will allow us to calculate how many times more the prices of goods were in one year than in another. Using 1990 and 2014 as an example, we can calculate the ratio of the CPI values for those two years: 2014 CPI/1990 CPI = 236.7/130.7 = 1.811 This calculation tells us that goods in 2014 cost approximately 1.81 times as much as goods in 1990. Of course not every item in 2014 cost exactly 1.81 times as much as it did in 1990, but on average goods cost 1.81 times more. Or, another way to understand this ratio would be that what could be purchased for $1 in 1990, would require $1.81 in 2012. The CPI allows you to convert anything money related (prices, wages, salaries) from one year to another. For example, let's say your *insert older relative here* said he made $7000 a year in 1965 at his first job out of college. That doesn't sound like a lot of money to us today, but we must consider that everything was less expensive in 1965. What is that salary worth in today's money? To answer that, we can convert the $7000 to 2014 constant dollars using the CPI values for those years. The CPI table tells us that 31.5 in 1965 dollars is equivalent to 236.7 in 2014 dollars. We wish to know $7000 in 1965 dollars is equivalent to ? in 2014 dollars. First find the ratio of the CPI values for 2014 and 1965: 2014 CPI 236.7 = 7.51 1965CPI 31.5 This ratio tells us that $1 in 1965 is equivalent to about $7.51 in 2014. Another way to think about it is that prices were, on average, 7.51 times more in 2014 than in 1965. Multiplying the wage of $9000 by this ratio completes the conversion: 7000 * 7.51 = 52,570 This means that the $7000 salary is equivalent to making $52,570 a year today. The general formula for converting to constant dollars: CPI new * price in old year's dollars = price in CPI old new year's constant dollars This interpretation of the CPI also allows us to compare prices in two different years and determine when an item was more expensive. We can calculate whether an item increased in price at the same rate as the "bundle of goods" or at a faster or slower rate than the rate of inflation. For example, the price of gasoline in 1981 was $1.38 per gallon on average. In 2005, it averaged $2.30. Was gasoline more expensive or less expensive in 2005? On the face of it, it seems that gas is more expensive in 2005. The actual price is definitely higher in 2005, but that is to be expected. The prices of (almost) everything are higher in 2005 than in 1981. But just comparing the actual prices does not take the changing value of money into consideration. To compare the prices taking inflation into account, we convert one of the prices to the other year's constant dollars. Usually, we convert forward to the more recent year. In our example, we want to convert the 1981 price of $1.38 to its equivalent in 2005 constant dollars. Using the CPI values (found in CPI.xls): 2005 CPI 1981 price=1981 price2005 constant dollars 1981CPI 195.3 1.38=2.96 90.9 What this tells us is that $1.38 in 1981 was equivalent to $2.96 in 2005. $2.96 is the 1981 price in 2005 constant dollars. In other words, when Americans paid $1.38 per gallon for gasoline in 1981, it was equivalent to paying $2.96 in 2005. We can now compare the actual price in 2005 to the 1981 price in constant 2005 dollars. Since $2.96 is more than the $2.30 that people were actually paying in 2005, gasoline was more expensive in 1981 than it was in 2005. Try a similar calculation comparing the price of a gallon of gas in 1990, which was $1.16, to the price of a gallon of gas in 2000, which was $1.51. Again, nominally, the price in 2000 is larger than the price in 1990, but that is to be expected. When did it "feel" more expensive to buy gas? Convert the 1990 price to its 2000 constant dollar equivalent by multiplying the 1990 price by the ratio of the CPI values in 2000 and 1990: 2000 CPI 172.2 1990 price= 1.16=1.53 1990 CPI 130.7 Here we find that paying $1.16 for gas in 1990 "felt" like paying $1.53 in 2000. The actual price of gas in 2000 was $1.51, so these are very close to each other. Therefore, gas was only slightly more expensive in 1990 than in 2000. Over the 10 year period, the price of gas grew roughly with inflation. _____________________________________________________________________________ Another use of the CPI is to convert an entire series of prices to constant dollars. For example, consider the price of electricity from 1986 to 1997: Electricity Prices (US city average, per KWH) Year Price 1986 $0.077 1987 $0.079 1988 $0.080 1989 $0.082 1990 $0.084 1991 $0.087 1992 $0.088 1993 $0.092 1994 $0.092 1995 $0.094 1996 $0.094 1997 $0.094 In graphical form, the data looks like: The graph shows the price of electricity rising from a minimum of 7.7 per kilowatt-hour in 1986 to its maximum in 1997 of 9.4. Since the value of the dollar decreased each year, this graph is not a realistic depiction of electricity costs over this period. While this graph does show that the nominal cost of electricity rose each year, it is incorrect to assume that electricity became more expensive over the years. To get a more accurate understanding, we should convert the entire data series to constant 1997 dollars. The spreadsheet below depicts the calculation. First one would copy and paste the CPI values from CPI.xls. Next one would fill a column with the "old" actual price multiplied by the ratio of the CPI's involved. Electricity Prices (US city average, per KWH) 1986 $0.077 109.6 =$C$13/C2*B2 1987 $0.079 113.6 $ 0.112 1988 $0.080 118.3 $ 0.109 1989 $0.082 124.0 $ 0.106 1990 $0.084 130.7 $ 0.103 1991 $0.087 136.2 $ 0.102 1992 $0.088 140.3 $ 0.101 1993 $0.092 144.5 $ 0.102 1994 $0.092 148.2 $ 0.100 1995 $0.094 152.4 $ 0.099 1996 $0.094 156.9 $ 0.096 1997 $0.094 160.5 $ 0.094 You might wonder why you don't use the formula =C13/C2*B2. This formula will not fill correctly, since C13 needs to be used again in each cell (not C14, C15, ...). You need to either enter the "new" CPI as the actual number. Another correct formula for this cell is =B2*$C$10/C2 which uses an absolute cell reference for C13. To get an absolute cell reference, enter the cell reference then hit the F4 button on the top of the keypad. (You could also manually enter the dollar signs before and after the letter OR you can just enter the number in that cell instead of a cell reference). An absolute cell reference tells Excel to keep that cell the same in the subsequent calculations. Here is the graph of electricity costs in 1997constant dollars: In fact, electricity costs went down every year except one from 1990 to 1997. In 1997 constant dollars, electricity costs were at their highest in 1986, when they were nearly 11.2 per kilowatthour. The cost dropped every year except 1993. The minimum was in 1997, at 9.4 per kilowatthour. The graph in constant dollars tells a very different (and more realistic) story of electricity costs. It shows that the cost of electricity, when inflation has been taken into account, has decreased over the years meaning it has become less expensive. Graphs of prices in constant dollars tell you whether the actual price of an item or wage has grown faster, slower, or at the same rate as inflation. If the constant dollar graph increases, the actual price grew at a rate higher than the inflation rate over those years, meaning the item has become more expensive over the years. If the constant dollar graph decreases, the actual price grew at a rate that is less than the inflation rate over those years, meaning it has become less expensive. If the constant dollar graph is a flat horizontal line, the actual price has grown at rate that is the same as the inflation rate. Inflation The annual inflation rate is defined as the percentage change in the CPI in one year, from the previous year to the year in question. For example, the annual inflation rate in 1996 was: The inflation rate in 1996 was 3.0%. This means that, on average, prices increased by 3% from 1995 to 1996. Finally, check out this graph from the NY Times May 2008. http://www.nytimes.com/interactive/2008/05/03/business/20080403_SPENDING_GRAPHIC.ht ml?scp=1&sq=inflation&st=cse The Consumer Price Index: A Way to Compare Prices in Different Years Inflation is a decline in the value of money in relation to the goods that it can buy and is a pervasive economic phenomenon. It is so pervasive that it is very difficult to compare this year's prices to last year's, much less compare prices over decades. Here is a graph of the buying power of $1.00 since 1940: How is the "buying power" of $1.00 measured? How can we compare prices of item in different years? The answer is the use of price indices such as the consumer price index or CPI. Below is a simplified explanation of how the indices are created and how we can use them. Economists choose a base year and determine the price of a "bundle" of goods: food, clothing, housing costs, transportation costs, services, entertainment in varying proportions. The proportions for the index we are using (CPI(U)) are Components of the CPI Housing Transportation Food Energy Medical Care Apparel and Upkeep Other 41.4% 17.8% 16.2% 8.2% 6.4% 6.1% 3.9% The cost of this bundle in one year is assigned an index number. The next year, the cost of the same bundle is determined. The CPI for that year represents the new cost of the bundle. Using the CPI The Table below shows the official CPI since 1990. We will explore how it is used. Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 CPI 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6 233.0 236.7 The entire table of CPI values can be found in the CPI file on Blackboard under CPI notes. The beauty of this table is that we can easily compare any two years' prices. For example, from the table we can see that in 1990, it would cost $130.70 for goods and services that would cost $166.60 in 1999 and that the same goods and services would cost $236.70 in 2014. We can therefore say that $130.70 in 1990 is equivalent to $166.60 in 1999 which is equivalent to $236.70 in 2014. This information will allow us to calculate how many times more the prices of goods were in one year than in another. Using 1990 and 2014 as an example, we can calculate the ratio of the CPI values for those two years: 2014 CPI/1990 CPI = 236.7/130.7 = 1.811 This calculation tells us that goods in 2014 cost approximately 1.81 times as much as goods in 1990. Of course not every item in 2014 cost exactly 1.81 times as much as it did in 1990, but on average goods cost 1.81 times more. Or, another way to understand this ratio would be that what could be purchased for $1 in 1990, would require $1.81 in 2012. The CPI allows you to convert anything money related (prices, wages, salaries) from one year to another. For example, let's say your *insert older relative here* said he made $7000 a year in 1965 at his first job out of college. That doesn't sound like a lot of money to us today, but we must consider that everything was less expensive in 1965. What is that salary worth in today's money? To answer that, we can convert the $7000 to 2014 constant dollars using the CPI values for those years. The CPI table tells us that 31.5 in 1965 dollars is equivalent to 236.7 in 2014 dollars. We wish to know $7000 in 1965 dollars is equivalent to ? in 2014 dollars. First find the ratio of the CPI values for 2014 and 1965: 2014 CPI 236.7 = 7.51 1965CPI 31.5 This ratio tells us that $1 in 1965 is equivalent to about $7.51 in 2014. Another way to think about it is that prices were, on average, 7.51 times more in 2014 than in 1965. Multiplying the wage of $9000 by this ratio completes the conversion: 7000 * 7.51 = 52,570 This means that the $7000 salary is equivalent to making $52,570 a year today. The general formula for converting to constant dollars: CPI new * price in old year's dollars = price in CPI old new year's constant dollars This interpretation of the CPI also allows us to compare prices in two different years and determine when an item was more expensive. We can calculate whether an item increased in price at the same rate as the "bundle of goods" or at a faster or slower rate than the rate of inflation. For example, the price of gasoline in 1981 was $1.38 per gallon on average. In 2005, it averaged $2.30. Was gasoline more expensive or less expensive in 2005? On the face of it, it seems that gas is more expensive in 2005. The actual price is definitely higher in 2005, but that is to be expected. The prices of (almost) everything are higher in 2005 than in 1981. But just comparing the actual prices does not take the changing value of money into consideration. To compare the prices taking inflation into account, we convert one of the prices to the other year's constant dollars. Usually, we convert forward to the more recent year. In our example, we want to convert the 1981 price of $1.38 to its equivalent in 2005 constant dollars. Using the CPI values (found in CPI.xls): 2005 CPI 1981 price=1981 price2005 constant dollars 1981CPI 195.3 1.38=2.96 90.9 What this tells us is that $1.38 in 1981 was equivalent to $2.96 in 2005. $2.96 is the 1981 price in 2005 constant dollars. In other words, when Americans paid $1.38 per gallon for gasoline in 1981, it was equivalent to paying $2.96 in 2005. We can now compare the actual price in 2005 to the 1981 price in constant 2005 dollars. Since $2.96 is more than the $2.30 that people were actually paying in 2005, gasoline was more expensive in 1981 than it was in 2005. Try a similar calculation comparing the price of a gallon of gas in 1990, which was $1.16, to the price of a gallon of gas in 2000, which was $1.51. Again, nominally, the price in 2000 is larger than the price in 1990, but that is to be expected. When did it "feel" more expensive to buy gas? Convert the 1990 price to its 2000 constant dollar equivalent by multiplying the 1990 price by the ratio of the CPI values in 2000 and 1990: 2000 CPI 172.2 1990 price= 1.16=1.53 1990 CPI 130.7 Here we find that paying $1.16 for gas in 1990 "felt" like paying $1.53 in 2000. The actual price of gas in 2000 was $1.51, so these are very close to each other. Therefore, gas was only slightly more expensive in 1990 than in 2000. Over the 10 year period, the price of gas grew roughly with inflation. _____________________________________________________________________________ Another use of the CPI is to convert an entire series of prices to constant dollars. For example, consider the price of electricity from 1986 to 1997: Electricity Prices (US city average, per KWH) Year Price 1986 $0.077 1987 $0.079 1988 $0.080 1989 $0.082 1990 $0.084 1991 $0.087 1992 $0.088 1993 $0.092 1994 $0.092 1995 $0.094 1996 $0.094 1997 $0.094 In graphical form, the data looks like: The graph shows the price of electricity rising from a minimum of 7.7 per kilowatt-hour in 1986 to its maximum in 1997 of 9.4. Since the value of the dollar decreased each year, this graph is not a realistic depiction of electricity costs over this period. While this graph does show that the nominal cost of electricity rose each year, it is incorrect to assume that electricity became more expensive over the years. To get a more accurate understanding, we should convert the entire data series to constant 1997 dollars. The spreadsheet below depicts the calculation. First one would copy and paste the CPI values from CPI.xls. Next one would fill a column with the "old" actual price multiplied by the ratio of the CPI's involved. Electricity Prices (US city average, per KWH) 1986 $0.077 109.6 =$C$13/C2*B2 1987 $0.079 113.6 $ 0.112 1988 $0.080 118.3 $ 0.109 1989 $0.082 124.0 $ 0.106 1990 $0.084 130.7 $ 0.103 1991 $0.087 136.2 $ 0.102 1992 $0.088 140.3 $ 0.101 1993 $0.092 144.5 $ 0.102 1994 $0.092 148.2 $ 0.100 1995 $0.094 152.4 $ 0.099 1996 $0.094 156.9 $ 0.096 1997 $0.094 160.5 $ 0.094 You might wonder why you don't use the formula =C13/C2*B2. This formula will not fill correctly, since C13 needs to be used again in each cell (not C14, C15, ...). You need to either enter the "new" CPI as the actual number. Another correct formula for this cell is =B2*$C$10/C2 which uses an absolute cell reference for C13. To get an absolute cell reference, enter the cell reference then hit the F4 button on the top of the keypad. (You could also manually enter the dollar signs before and after the letter OR you can just enter the number in that cell instead of a cell reference). An absolute cell reference tells Excel to keep that cell the same in the subsequent calculations. Here is the graph of electricity costs in 1997constant dollars: In fact, electricity costs went down every year except one from 1990 to 1997. In 1997 constant dollars, electricity costs were at their highest in 1986, when they were nearly 11.2 per kilowatthour. The cost dropped every year except 1993. The minimum was in 1997, at 9.4 per kilowatthour. The graph in constant dollars tells a very different (and more realistic) story of electricity costs. It shows that the cost of electricity, when inflation has been taken into account, has decreased over the years meaning it has become less expensive. Graphs of prices in constant dollars tell you whether the actual price of an item or wage has grown faster, slower, or at the same rate as inflation. If the constant dollar graph increases, the actual price grew at a rate higher than the inflation rate over those years, meaning the item has become more expensive over the years. If the constant dollar graph decreases, the actual price grew at a rate that is less than the inflation rate over those years, meaning it has become less expensive. If the constant dollar graph is a flat horizontal line, the actual price has grown at rate that is the same as the inflation rate. Inflation The annual inflation rate is defined as the percentage change in the CPI in one year, from the previous year to the year in question. For example, the annual inflation rate in 1996 was: The inflation rate in 1996 was 3.0%. This means that, on average, prices increased by 3% from 1995 to 1996. Finally, check out this graph from the NY Times May 2008. http://www.nytimes.com/interactive/2008/05/03/business/20080403_SPENDING_GRAPHIC.ht ml?scp=1&sq=inflation&st=cse Consumer Price Index Source: Bureau of Labor Statistics (www.bls.gov) Year 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 CPI 9.8 9.9 10.0 10.1 10.9 12.8 15.1 17.3 20.0 17.9 16.8 17.1 17.1 17.5 17.7 17.4 17.1 17.1 16.7 15.2 13.7 13.0 13.4 13.7 13.9 14.4 14.1 13.9 14.0 14.7 16.3 17.3 17.6 18.0 19.5 22.3 24.1 23.8 24.1 26.0 26.5 26.7 26.9 26.8 27.2 28.1 28.9 29.1 29.6 29.9 30.2 30.6 31.0 31.5 32.4 33.4 34.8 36.7 38.8 40.5 41.8 44.4 49.3 53.8 56.9 60.6 65.2 72.6 82.4 90.9 96.5 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 177.1 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 179.9 184.0 188.9 195.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6 233.0 236.7 What is that salary of $7000 in 1965 worth in today's money? For example, the price of gasoline in 1981 was $1.38 per gallon on average. In 2005, it averaged $2.30. Was gasoline more expensive or less expensive in 2005? the price of a gallon of gas in 1990, which was $1.16, to the price of a gallon of gas in 2000, which was $1.51 Electricity Prices (US city average, per KWH) Year 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Price $0.077 $0.079 $0.080 $0.082 $0.084 $0.087 $0.088 $0.092 $0.092 $0.094 $0.094 $0.094 Average Tuition and Fees at Private 4-year Universities Year Full time tuition and fees 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 source: College Board $1,832 $1,948 $2,045 $2,130 $2,291 $2,534 $2,700 $2,958 $3,225 $3,617 $4,113 $4,639 $5,093 $5,556 $6,121 $6,658 $7,048 $8,004 $8,663 $9,340 $9,812 $10,448 $11,007 $11,719 $12,216 $12,994 $13,785 $14,709 $15,518 $16,072 $17,377 $18,060 $18,950 $20,045 $20,980 $22,308 $23,420 $24,818 $25,739 $26,766 $27,883 $28,989 $30,131 $31,231 Consumer Price Index Source: Bureau of Labor Statistics (www.bls.gov) Year 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 CPI 9.8 9.9 10.0 10.1 10.9 12.8 15.1 17.3 20.0 17.9 16.8 17.1 17.1 17.5 17.7 17.4 17.1 17.1 16.7 15.2 13.7 13.0 13.4 13.7 13.9 14.4 14.1 13.9 14.0 14.7 16.3 17.3 17.6 18.0 19.5 22.3 24.1 23.8 24.1 26.0 26.5 26.7 26.9 26.8 27.2 28.1 28.9 29.1 29.6 29.9 30.2 30.6 31.0 31.5 32.4 33.4 34.8 36.7 38.8 40.5 41.8 44.4 49.3 53.8 56.9 60.6 65.2 72.6 82.4 90.9 96.5 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.6 172.2 177.1 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 179.9 184.0 188.9 195.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6 233.0 236.7 What is that salary of $7000 in 1965 worth in today's money? For example, the price of gasoline in 1981 was $1.38 per gallon on average. In 2005, it averaged $2.30. Was gasoline more expensive or less expensive in 2005? the price of a gallon of gas in 1990, which was $1.16, to the price of a gallon of gas in 2000, which was $1.51 Electricity Prices (US city average, per KWH) Year 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Price $0.077 $0.079 $0.080 $0.082 $0.084 $0.087 $0.088 $0.092 $0.092 $0.094 $0.094 $0.094 Average Tuition and Fees at Private 4-year Universities Year Full time tuition and fees 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 source: College Board $1,832 $1,948 $2,045 $2,130 $2,291 $2,534 $2,700 $2,958 $3,225 $3,617 $4,113 $4,639 $5,093 $5,556 $6,121 $6,658 $7,048 $8,004 $8,663 $9,340 $9,812 $10,448 $11,007 $11,719 $12,216 $12,994 $13,785 $14,709 $15,518 $16,072 $17,377 $18,060 $18,950 $20,045 $20,980 $22,308 $23,420 $24,818 $25,739 $26,766 $27,883 $28,989 $30,131 $31,231