In 1983 Sebastion bought a fork from Ariels Treasure Trove f

In 1983 Sebastion bought a fork from Ariel\'s Treasure Trove for $7.81. The CPI for flatware (including forks) is 57.6. If Sebastion bought it today, how much would the fork cost?

Solution

consumer price index = current period price /base period price

= >

57.6 = x/7.81 * 100

=>

x = 4.50

fork would cost 4.50 today