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QuestionIn 1973, a Mets ticket was \$1.30. What would it cost in 2019 using the CPI of 44.4 and 255.657? Round to the nearest cent.

Studdy Solution

STEP 1

Assumptions1. The cost of the ticket in1973 is $1.30. The Consumer Price Index (CPI) in1973 is44.43. The CPI in2019 is255.6574. The CPI is used to adjust the price from1973 to2019

STEP 2

First, we need to find the ratio of the CPI in2019 to the CPI in197. This ratio will give us the inflation rate from197 to2019.
Inflation ratio=CPI2019CPI197Inflation\, ratio = \frac{CPI_{2019}}{CPI_{197}}

STEP 3

Now, plug in the given values for the CPI in1973 and2019 to calculate the inflation ratio.
Inflation ratio=255.65744.Inflation\, ratio = \frac{255.657}{44.}

STEP 4

Calculate the inflation ratio.
Inflation ratio=255.65744.4≈.76Inflation\, ratio = \frac{255.657}{44.4} \approx.76

STEP 5

Now that we have the inflation ratio, we can find the cost of the ticket in2019. This can be done by multiplying the cost of the ticket in1973 by the inflation ratio.
Ticket cost2019=Ticket cost1973×Inflation ratioTicket\, cost_{2019} = Ticket\, cost_{1973} \times Inflation\, ratio

STEP 6

Plug in the values for the cost of the ticket in1973 and the inflation ratio to calculate the cost of the ticket in2019.
Ticket cost2019=$1.30×5.76Ticket\, cost_{2019} = \$1.30 \times5.76

STEP 7

Calculate the cost of the ticket in2019.
Ticket cost2019=$1.30×5.76≈$7.49Ticket\, cost_{2019} = \$1.30 \times5.76 \approx \$7.49The cost of the ticket in2019 would be approximately $7.49.

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