The table given below reports the consumer price index in a country for four different years.
Table 7.1
$\begin{array}{c}
\text { Inflation Data }\
\begin{array}{|c|c|}
\hline \text { Year } & \text { Consumer Price Index } \
\hline 1976 & 100.00 \
1980 & 110.50 \
1990 & 128.50 \
2003 & 145.00 \
\hline
\end{array}
\end{array}$
-Refer to Table 7.1. By how much did consumer prices rise between 1980 and 2003 (rounded to the first decimal place)?
A) 34.5 percent
B) 10.5 percent
C) 13.3 percent
D) 31.2 percent
E) 76.2 percent

Question

The table given below reports the consumer price index in a country for four different years.
Table 7.1
 $\begin{array}{c}
\text { Inflation Data }\
\begin{array}{|c|c|}
\hline \text { Year } & \text { Consumer Price Index } \
\hline 1976 & 100.00 \
1980 & 110.50 \
1990 & 128.50 \
2003 & 145.00 \
\hline
\end{array}
\end{array}$
-Refer to Table 7.1. By how much did consumer prices rise between 1980 and 2003 (rounded to the first decimal place)?
A) 34.5 percent
B) 10.5 percent
C) 13.3 percent
D) 31.2 percent
E) 76.2 percent

Quizplus · Accepted Answer

To calculate the percentage increase in consumer prices from 1980 to 2003, we first need to find the increase in the consumer price index during this period. 
The consumer price index increased from 110.50 in 1980 to 145.00 in 2003, which is a difference of 34.50. 
To find the percentage increase, we divide the difference by the original value (110.50) and multiply by 100: 
(34.50/110.50) x 100 = 31.2% 
Therefore, consumer prices rose by 31.2% from 1980 to 2003, rounded to the first decimal place. The answer is option D.

The Table Given Below Reports the Consumer Price Index in a Country