Question
The price of a first-class stamp in 1970 was 8 cents, whereas in 2002 it was 44 cents. The Consumer Price Index for 1970 was
The price of a first-class stamp in 1970 was 8 cents, whereas in 2002 it was 44 cents. The Consumer Price Index for 1970 was 38.8, whereas for 2002 it was 229.6. If the true cost of a first-class stamp did not increase between 1970 and 2002, what should it have cost in 2002? In other words, what would an 8-cent stamp in 1970 cost in 2002, when adjusted for inflation?
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Finite Mathematics and Its Applications
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
12th edition
978-0134768588, 9780134437767, 134768582, 134437764, 978-0134768632
