The FRED CPI Index (Table 15€“3) can be used to predict the price of household items over the years. In 2011, Sandy and Malcolm purchased a combo clothes washing machine and dryer for $800. Assume it is now 2018 and the combo system has experienced a serious failure and must be replaced immediately. If the CPI index continued to change at the same linear rate as it did between 2014 and 2015, estimate the cost of a similar combo washer and dryer in 2018.

Table 15-3

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Pumps, Compressors, and Equipment Index (1982 = 100) CE Plant Cost Consumer Price Index (CPI) (1982-84 = 100) Index (CEPCI) Crude Oil Index (1913 = 100) Year (2005 = 100) 575.4 105.1 2008 211.4 210.0 2009 521.9 217.3 141.9 213.4 2010 220.5 550.8 160.6 217.0 2011 194.4 585.7 227.2 225.3 2012 231.3 584.6 192.3 230.3 2013 567.3 234.8 196.8 236.3 236.5 2014 579.8 140.2 242.5 2015 556.8 238.0 79.3 245.9