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Answer :
Final answer:
To find the equivalent price of gas in July 2022 dollars, divide the CPI for 2022 by the CPI for 1982 to find the inflation rate, then multiply the inflation rate by the price of gas in 1982. The equivalent price of gas in July 2022 dollars would be $3.87.
Explanation:
To find the equivalent price of gas in July 2022 dollars, we need to adjust the price from 1982 to 2022 using the Consumer Price Index (CPI). First, we divide the CPI for 2022 (296.3) by the CPI for 1982 (100) to find the inflation rate: 296.3 / 100 = 2.963. Next, we multiply the inflation rate by the price of gas in 1982: 2.963 * $1.31 = $3.87 (rounded to two decimal places). Therefore, the equivalent price of gas in July 2022 dollars would be $3.87.
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