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Chapter 1: Q53. (page 10)

In 1950, the average price of a car was about \(2000. This may sound inexpensive, but the average income in 1950 was much less than it is now. To compare dollar amounts over time, use the formula V=ASC, where A is the old dollar amount, S is the starting year鈥檚 Consumer price index (CPI), C is the converting year鈥檚 CPI, and V is the current value of the old dollar amount. Buying a car for \)2000in 1950 was like buying a car for how much money in 2000?

Year

Average CPI

1950

42.1

1960

29.6

1970

38.8

1980

82.4

1990

130.7

2000

174.0

Short Answer

Expert verified

Buying a car for $2000in 1950 was like buying a car for$8266 in 2000

Step by step solution

01

- Substitute given values

Substitute 2000 for A, 42.1for S and 174 for C in given equation

V=ASCV=200042.1174

02

- Order of simplification

To evaluate any expression involving more than one operation, follow the below order of operations:

  • First evaluate expressions inside grouping symbols like parentheses ( ) or brackets [ ].
  • Evaluate the exponents.
  • Perform Multiplication and division from left to right.
  • Perform addition and subtraction from left to right.
03

- Simplify V=200042.1174

Follow order of simplification

Multiply 2000 with 174 then divide it by 42.1

V=2000脳17442.1=34800042.1鈮�8266

Thus, value of car in the year 2000 is about $8266

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