\"The cost of going to the movies in 1990 was $3.43. If the cost of going to the

Question

"The cost of going to the movies in 1990 was $3.43. If the cost of going to the movies rises at the same rate as inflation, what is the cost of going to the movies in 2013 dollars? Use the consumer price index to calculate your answer."

0.061 (6.049 - 6.171)

"The cost of going to the movies in 1990 was $3.43. If the cost of going to the movies rises at the same rate as inflation, what is the cost of going to the movies in 2013 dollars? Use the consumer price index to calculate your answer."

5.84

6.11

0.061 (6.049 - 6.171)

Explanation / Answer

Consumer price index in 1990 = 130.70

Consumer price index in 2013 = 232.957

Cost of Going to movies in 2013 = cost of going to the movies in 1990 * CPI of 2013 / CPI of 1990

= $ 3.43 * 232.957 / 130.7

= $ 6.11

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