The prices of consumer goods do not always exactly follow the CPI. The following chart shows several consumer items, along with their respective prices in 1983 and today.ItemPrice in 1983 ($)Current Price ($)Pair of boots67.45126.85Hair dryer15.2529.95Box of tissues1.152.25Toaster22.8544.25Using the prices shown on this chart, which of the following is a reasonable estimate of the current CPI?
Add the 1983 prices to get $106.70, and add the current prices to get $203.30. The current prices are about $203.30 ÷ $106.70 × 100 ≈ 190.5% of the 1983 prices. The closest choice is 195, a reasonable estimate of the current CPI.
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