The inflation index for the year 1989 relative to the year

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The inflation index for the year 1989 relative to the year [#permalink]

26 Dec 2012, 04:34

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Re: The inflation index for the year 1989 relative to the year [#permalink]

26 Dec 2012, 04:38

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The inflation index for the year 1989 relative to the year 1970 was 3.56, indicating that, on the average, for each dollar spent in 1970 for goods, $3.56 had to be spent for the same goods in 1989. If the price of a Model K mixer increased precisely according to the inflation index, what was the price of the mixer in 1970 ?

Given that (price in 1989) = (price in 1970)*3.65.

(1) The price of the Model K mixer was $102.40 more in 1989 than in 1970 --> (price in 1989) = (price in 1970) + 102.4, We have two distinct linear equations with two unknowns, thus we can solve for both. Sufficient.

(2) The price of the Model K mixer was $142.40 in 1989 --> (price in 1989) = 142.4 --> (price in 1970) = (price in 1989)/3.65 = 142.4/3.65. Sufficient.

Answer: D.
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Re: The inflation index for the year 1989 relative to the year [#permalink] 26 Dec 2012, 04:38

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The inflation index for the year 1989 relative to the year

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The inflation index for the year 1989 relative to the year

The inflation index for the year 1989 relative to the year

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