Value of the Consumer Price Index
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A market basket of goods and service cost $1500 to purchase in the year 2000. The same market basket of goods and service cost the following in the next several years:
2001-$1560
2002-1606.80
2004-1687.14
2005-1737.75
From this data it is possible to create a consumer price index with the purchase price of their goods and services in the year 2000 set equal to 100. If so, rounded to the nearest interger, what is the value of the consumer price index for the year 2004?
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Solution Summary
This provides the brief steps to calculate the value of the consumer price index using an established formula.
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