In the 1958 book The Cat in the Hat Comes Back, the eponymous Cat in the Hat removes an unsightly pink stain from a wall with the $10 shoes of the father of Sally and Conrad. The Bureau of Labor Statistics reports in one of their historical tables that the CPI in 1958 was 28.9. The CPI for 2006 was 201.6 . Using these CPI values, calculate how much the $10 shoes—in 1958 dollars—would be in 2006 dollars?
CPI in 1958 = 28.9
CPI in 2006 = 201.6
Value of the shoes in 1958 = $10
Value of the shoes in 2006
= 10*201.6/28.9
= $69.75
In the 1958 book The Cat in the Hat Comes Back, the eponymous Cat in the...