In 1983, a cast-iron pan cost $28.35. today, a cast-iron pan costs $52.95. if the cpi is 166, what is the percent relation of the actual price of a cast-iron pan to the expected price?
a. the actual price is 11.1% lower than the expected price.
b. the actual price is 20.8% lower than the expected price.
c. the actual price is 31.5% higher than the expected price.
d. the actual price is 12.5% higher than the expected price.