Calculate the price of a loaf of bread at p₈when p₀=$1.26 and I_8/0=104 (0 decimal places). A) $1.25 B) $1.28 C) $1.31 D) $1.34

Name: Calculate the price of a loaf of bread at p 8 when p 0 =$1.26 and I 8/0 =104 (0 decimal places). A) $1.25 B) $1.28 C) $1.31 D) $1.34
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Question

Quizplus · Accepted Answer

The price index I_8/0 of 104 indicates a 4% increase from the base price. Therefore, p₈ = p₀ * (I_8/0 / 100) = $1.26 * 1.04 = $1.3104, which rounds to $1.31.

Calculate the Price of a Loaf of Bread at P8

Calculate the Price of a Loaf of Bread at P₈