Question
The Consumer Price Index(CPI) is a measure of the average change in price over time from a designated referenceperiod, at which it equals 100. The
The Consumer Price Index(CPI) is a measure of the average change in price over time from a designated referenceperiod, at which it equals 100. The index is based on prices of basic consumer goods and services. The table provided lists the CPI for several years from 1960 to 2012. If the price change in cars parallels the change in theCPI, what would a car sell for(to the nearestdollar) in 2012 if a comparable model sold for $12,000 in1999?
Year CPI
1960. 29.6
1973. 44.4
1986. 109.6
1999 156.9
2012. 229.6
In2012, a car would sell for approximately $____
(round to the nearest dollar)
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