The current cost of a box of cereal is $3.39. at the time of this writing, the cpi for cereal is 289.7. what was the cost of a box of cereal in 1983 to the nearest cent?

To solve this problem we have to first identify the data that we need and is important. You can arrange it like this:

Current Cost of Cereal: $3.39

CPI: 289.7

To find the cost of a box of cereal in 1983 we will need to use the following formula:

Cost in Base Year = Current Cost/CPI*100

Replace the data in the formula and we get the following:

1983 = 3.39/289.7*100

In 1983 the cost of a box of cereal was $1.170176044

I hope this helps, Regards.

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