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?

Answer rating: 100% (QA)

The postcard rate will increase by 2 cents to 23 cents The commission called ... View the full answer