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Answer :
Final answer:
Shirley should expect to pay approximately $41.75 for the bag of fruits and vegetables from a similar vendor in 2006.
Explanation:
To calculate the expected price of the bag of fruits and vegetables in 2006, we can use the formula:
Expected Price = (Price in 1970) * (Price Index in 2006) / (Price Index in 1970)
Given that Shirley purchased the bag of fruits and vegetables for $9 in 1970 and the price index was 38.8 in 1970, we can substitute these values into the formula:
Expected Price = $9 * 180 / 38.8
Simplifying the calculation:
Expected Price = $41.75
Therefore, Shirley should expect to pay approximately $41.75 for the bag of fruits and vegetables from a similar vendor in 2006.
Learn more about calculating the expected price based on inflation rate here:
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