Question: What is correct answer Based on the Consumer Price Index Chart given below, use the ratios to determine how much you would expect a house
What is correct answer
Based on the Consumer Price Index Chart given below, use the ratios to determine how much you would expect a house that cost $100,000 in the year 2000 to have sold for in 2012. (Answers rounded to the nearest dollar.) Average Annual Consumer Price Index (CPI) (1982-1984=100) Year CPI Year CPI Year CPI 1976 56.9 1989 124.0 2001 177.1 1977 60.6 1990 130.7 2002 179.9 1978 65.2 1991 136.2 2003 184.0 1979 72.6 1992 140.3 2004 188.9 1980 82.4 1993 144.5 2005 195.3 1981 90.9 1994 148.2 2006 201.6 1982 96.5 1995 152.4 2007 207.3 1983 99.6 1996 156.9 2008 215.3 1984 103.9 1997 160.5 2009 214.5 1985 107.6 1998 163.0 2010 218.1 1986 109.6 1999 166.6 2011 224.9 1987 113.6 2000 172.2 2012 229.6 1988 118.3 O $122,423 O $133,333 O $229,600 O $155,351 1 ptsStep by Step Solution
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