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Answer :
Answer:
cost of house in 1970= $33855.82
Step-by-step explanation:
in this question we have given,
in 1980 consumer price index,[tex]I_{1}[/tex] = 82.4[/tex]
cost of house in 1980,[tex]=71,900
CPI in 1970,[tex]I_{2}[/tex]= 38.8
we have to determine cost of house in 1970,[tex]C_{2}[/tex]=?
Formula used
[tex]\frac{C_{2}}{C_{1}} =\frac{I_{2}}{I_{1}}[/tex] ............(1)
put values in equation (1)
[tex]\frac{C_{2}}{71900} =\frac{38.8}{82.4} \\C_{2}=33855.82[/tex]
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