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13 February, 14:45

From 1960 to 1970, the consumer price index (CPI) increased from 29.6 to 38.8. If a dozen tangerines cost $0.31 in 1960 and the price of tangerines increased at the same rate as the CPI from 1960 to 1970, approximately how much did a dozen tangerines cost in 1970?

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  1. 13 February, 15:43
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    The percent increase in the price index from 1960 to 1970 is:

    % increase in price index = (38.8 - 29.6) * 100% / 29.6

    % increase in price index = 31.08%

    Therefore the price of a dozen tangerines in 1970 (X) is:

    31.08 = (X - $0.31) * 100 / $0.31

    X = $0.41
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