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Q1. If rent for a particular apartment was $790/month in 1980 (CPI = 82.4), what would...

Q1.

If rent for a particular apartment was $790/month in 1980 (CPI = 82.4), what would be the comparable rent in 1990 (CPI 130.7)? Round your answer to the nearest cent (i.e. two decimal places). Only enter the number, not the dollar sign ($).

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Answer #1

Answer:

Given that,

What would be the comparable rent in 1990 (CPI 130.7):

If rent for a particular apartment was $790/month in 1980 (CPI = 82.4),

Comparable rent in 1990:

Comparable rent in 1990= (CPI in 1990)/(CPI in 1980) (Rent in 1980)

=(130.7/82.4) $790

=1.58617 $790

=1253.0743

=1253.07

Therefore, comparable rent in 1990 is 1253.07.

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