Suppose you needed $28,000 to maintain a particular standard of living in 1973. How much would you have needed in 2000 to maintain the same standard of​ living? Assume that all prices have risen at the same rate as the CPI.
Average Annual Consumer Price Index (CPI) (1982-1984=100)
Year
CPI
Year
CPI
Year
CPI
1973
44.4
1984
103.9
1995
152.4
1974
49.3
1985
107.6
1996
156.9
1975
53.8
1986
109.6
1997
160.5
1976
56.9
1987
113.6
1998
163.0
1977
60.6
1988
118.3
1999
166.6
1978
65.2
1989
124.0
2000
172.2
1979
72.6
1990
130.7
2001
177.1
1980
82.4
1991
136.2
2002
179.9
1981
90.9
1992
140.3
2003
184.0
1982
96.5
1993
144.5
2004
188.9
1983
99.6
1994
148.2
2005
195.3
How much would you have​ needed?
​$enter your response here
​(Round to the nearest​ dollar.)