Question

The current cost of a loaf of bread is $2.89. At the time of this writing, the CPI for bread is 323.0. What was the cost of a loaf of bread in 1983 to the nearest cent?

This is a fill in the blank problem, please help me.

Answer 1

The cost of a loaf of bread in 1983 to the nearest cent is $0.89

Explanation:

The cost of the loaf of bread in 1983 can be computed using the below formula:

cost of a loaf of bread in 1983=$2.89/current CPI *100

cost of a loaf of bread in 1983=$2.89/323*100=$ 0.89

It is obvious that the cost of a loaf of bread in the year 1983 is $0.89