If the CPI in 1960 is 60 and the CPI in 1980 is 90, what was the percentage change in prices from 1960 to 1980?Group of answer choices200%20%50%300%
Question
If the CPI in 1960 is 60 and the CPI in 1980 is 90, what was the percentage change in prices from 1960 to 1980?Group of answer choices200%20%50%300%
Solution
To calculate the percentage change in prices from 1960 to 1980, you can use the formula for percentage change which is:
((New Value - Old Value) / Old Value) * 100%
Here, the new value is the CPI in 1980, which is 90. The old value is the CPI in 1960, which is 60.
So, the calculation would be:
((90 - 60) / 60) * 100% = 50%
So, the percentage change in prices from 1960 to 1980 is 50%.
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