Question

Your father earned​ $34,000 per year in 1984. To the nearest​ dollar, what is that equivalent to in 2014 if the CPI in 2014 is 215 and the CPI in 1984 is​ 104?

Answer 1

Answer:

The answer is : 70288.46

Step-by-step explanation:

Your father earned​ $34,000 per year in 1984.

The CPI in 2014 is 215 and the CPI in 1984 is​ 104.

The CPI or consumer price index examines the weighted average of prices of goods and services like transportation, food etc.

The Current income equivalent will be = value in 1984 X ( CPI in 2014/CPI in 1984)

$34000\times\frac{215}{104}$ = 70288.46