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Question: Purchasing power the consumer price index (CPI) represents the change in prices of all goods and services. The CPI is based on a 1982 base of 100, which means that the CPI of 195.3 in 2005 indicates that goods that cost $100 in 1982 cost $195.30 in 2005. For selected years from 1945 to 2009, the CPI can be modeled by

P(x) =14.06(1.042)^x

where x is the number of years from 1940.

(a) Find P(50) and P(75), and explain what each means.

(b) In what year will items costing $100 in 1982 cost $400, according to this model?

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Category:- Physics
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