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Joni wants to know how much a pedicure cost back in 1954, when her grandmother was her age. The Consumer Price Index (CPI) in 1954 was 26.7 and is 245.9 this year. A pedicure costs $ 45 today. Round your answer to the nearest penny.

Respuesta :

Answer:

The price of pedicure in 1954 = $4.89

Explanation:

The price of pedicure in 1954 = (CPI in 1954 ÷ CPI this year) × Price today = (26.7/245.9) * $45 = $4.89

Therefore, a pedicure cost $4.89 back in 1954.

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