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28 February, 02:39

The CPI is currently 153. If a coffee maker costs $31.90 today, how much did one cost in 1983, to the nearest cent? a) $20.85 b) $21.20 c) $26.60 d) $48.81

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  1. 28 February, 02:59
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    CPI - the Customer Price Index;

    CPI = (Current price / Old price) * 100

    153 = (31.90 / x) · 100

    31.90 / x = 153 : 100

    31.90 / x = 1.53

    x = 31.90 : 1.53

    x = 20.8497 ≈ $20.85

    Answer: A) $20.85
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