Suppose you needed $18000 to maintain a particular standard of living in 1980 how much would you have needed in 2004 to maintain the same standard of living? Assuming that all prices have risen at the same CPI

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Average Annual Consumer Price Index (CPI) (1982-1984=100) CPI CPI Year 44.4 103.9 1995 107.6 1996 109.6 1997 113.6 1998 118.3 1999 124.0 2000 130.7 2001 136.2 2002 140.3 2003 144.5 148.2 Year 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 49.3 53.8 56.9 60.6 65.2 72.6 82.4 90.9 96.5 99.6 Year 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 2004 2005 CPI 152.4 156.9 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 Average Annual Consumer Price Index (CPI) (1982-1984=100) CPI CPI Year 44.4 103.9 1995 107.6 1996 109.6 1997 113.6 1998 118.3 1999 124.0 2000 130.7 2001 136.2 2002 140.3 2003 144.5 148.2 Year 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 49.3 53.8 56.9 60.6 65.2 72.6 82.4 90.9 96.5 99.6 Year 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 2004 2005 CPI 152.4 156.9 160.5 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3

Answer rating: 100% (QA)

From given table CPI 2004 CPI 1980 188982... View the full answer