In 1975 the price of gasoline per gallon was 57.4cents. With the 1975 price as the...
In 1975 the price of gasoline per gallon was 57.4cents. With the 1975 price as the reference value, the gasoline price index for 1998 is 197.5. What was the cost of a gallon of gasoline in 1998?
Homework Answers
Solution:
Price index can be calculated as
Price index = ((Updated price)/older price)×100
197.5 = (Updated Price)/57.4)×100
Updated price = (197.5×57.4)/100 = 113.365
So its cost of a gallon of gasoline in 1998 is 113.4 cents.
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