## (Solution Document) (1 point) Jonny bought a house in 1962 for \$70,022 and sold it in 2000. (a) If the 1962 CPI is 30.9 and the 2000 CPI is 172.2 how much would the

(1 point) Jonny bought a house in 1962 for \$70,022 and sold it in 2000.

(a) If the 1962 CPI is 30.9 and the 2000 CPI is 172.2 how much would the house be worth in 2000 dollars?

(b) To the nearest hundredth, what is the scaling factor for converting 1962 dollars to 2000 dollars?

(c) If the 2001 CPI is 177.7, how much is the house worth in 2001 dollars?

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