In 2015, Annie, an 80-year-old, is telling her granddaughter Mary about the good old days. Annie says
Question:
In 2015, Annie, an 80-year-old, is telling her granddaughter Mary about the good old days. Annie says that in 1935, you could buy a nice house for $15,000 and a jacket for $5. Mary says that in 2015 such a house costs $220,000 and such a jacket costs $70. The CPI in 1935 was 16.7 and in 2015 it was 218.1. Which house and which jacket have the lower prices?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 84% (13 reviews)
The 2015 house price that is equivalent to 15000 pr...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Jack and Katie have five grandchildren, ages 19, 16, 15, 12, and 10. They have established Coverdell Education Savings Accounts (CESA) for each of the grandchildren and would like to contribute the...
-
Annie Hays recently sold a condominium she had bought and lived in while she was a college student over 15 years ago. She received $150,000 for the condominium and is considering two investment...
-
Annie runs a fitness center. On December 31, 2011, she bought an existing business with exercise equipment and a building worth $600,000. During her first year of operation, business was poor. She...
-
A close company which prepares accounts to 31 March each year is owned and managed by a single shareholder/director who is not a Scottish taxpayer and who is paid a salary of 5,000 per month. In...
-
A cylindrical specimen of steel having a diameter of 15.2 mm (0.60 in.) and length of 250 mm (10.0 in.) is deformed elastically in tension with a force of 48,900 N (11,000 lbf). Using the data...
-
Bianca Genova is the VP of sales for a social networking platform called LinkedB2B. One of her goals is to increase attendance at in-person networking events for LinkedB2B members. She is currently...
-
The 2008 comparative balance sheet and income statement of Digital Subscriptions, Inc.. follow. Digital Subscriptions had no noncash investing and financing trans- actions during 2008. During the...
-
The Beef-Up Ranch feeds cattle for Midwestern farmers and delivers them to processing plants in Topeka, Kansas, and Tulsa, Oklahoma. The ranch must determine the amounts of cattle feed to buy so that...
-
Using the internet, gather information about FHA, Fannie Mae, and VA loans. List some of the requirements and restrictions that must be adhered to when applying for these loans.
-
The accountant for Compton Inc. has collected the following information: a. Compton purchased a tract of land from Jacobsen Real Estate for $925,000 cash. b. Compton issued 2,000 shares of its common...
-
Calculate the unemployment rate and the labor force participation rate, and compare these rates with those in the United States in 2016. Use the following information gathered by a BLS labor market...
-
Given the further information that the weight on energy prices in the CPI is 8 percent, by how much would the CPI have changed in December 2015 if energy prices had not changed? Falling oil prices...
-
SummerFun, Inc., produces a variety of recreation and leisure products. The production manager has developed an aggregate forecast: Develop an aggregate plan using each of the following guidelines...
-
What annual interest rate would you need to earn if you wanted a $4,575 per month contribution starting 1 month from today to grow to $1,644,350 in 17 years (Assume monthly compounding and that you...
-
Step 1: Understand the Concept of Purchase Price Allocation (PPA) Purchase Price Allocation (PPA) is a process used in accounting to allocate the purchase price of a business combination to its...
-
What is the yield to maturity of a corporate bond with 13 years to maturity, a coupon rate of 8% per year, a $1,000 par value, and a current market price of $1,250? Assume annual coupon payments.
-
14 Complete this question by entering your answers in the tabs below. 00:30:48 Required 1 Required 2 Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased...
-
Lean manufacturing is concerned with eliminating waste in manufacturing processes. Benefits include: reduced lead times, improved quality, improved on-time deliveries, less inventory, reduced...
-
A house was purchased for $300 000 and has a market value of $325 000 and a mortgage of $213 000. What is the equity in this house?
-
How can NAFTA be beneficial to suppliers of Walmart?
-
A warming Arctic could cost the world $70 trillion. A study warns that the Arctic is warming at an accelerating pace that will cost nearly $70 trillion. But keeping the temperature rise to 1.5...
-
The marginal cost of educating a college student online is $3,000 a year. The table shows the marginal private benefit schedule from a college education. The marginal external benefit is 50 percent...
-
The marginal cost of educating a college student online is $3,000 a year. The table shows the marginal private benefit schedule from a college education. The marginal external benefit is 50 percent...
-
PLEASE HELP ME MAKE THE CHANGES THAT MY TEACHER HAS SUGGESTED ON MY ESSAY THE INSTRUCTIONS OF THE ASSIGNMENT ARE PROVIDED SO AS THE THREE ARTICLES ONE IS IN PICTURE IS PROVIDED BY THE TEACHER THE QR...
-
During the current year, Yamazon decided to buy Whole Snacks for $10,000,000. The fair value of Whole Snacks are as follows: Fair value of assets: $12,685,721 Fair value of liabilities: $5,828,525...
-
AutoSave D meet.google.com/ziv-ngzp-yqe David Li (Presenting) POZE PRO 1000(AH) lecture notes Saved to this PC Searc File Home insert Page Layout Formulas Data Review View Help X Cut Calibri 11 Copy...
Study smarter with the SolutionInn App