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10 December, 13:15

if a pound of grapes cost $0.14 in 1960 and the price of grapes increased at the same rate as the CPI from 1960 to 1980 by approximately how much did the price of a pound of grapes increase

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  1. 10 December, 13:25
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    The CPI increased from 29.6 to 82.4.

    The rate of increase, is:

    82.4/29.6 = 2.78

    Now multiply this rate to the $0.14 price of grapes from 1960.

    $0.14 x 2.78 = $0.39

    Now to get the amount of increase subtract the new price from the original price:

    $0.39 - $0.14 = $0.25 increase.
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