In 1971, the cost of a four-year college degree from a public university was about $1,410. The consumer price index was 40.48 in January 1971. If the current consumer price index is 251.1, what is the approximate cost of the four-year degree in current dollars?
A)$8,746
B)$1,410
C)$227
D)$9,422

Question

Quizplus · Accepted Answer

To adjust for inflation, use the formula: (Current CPI / Past CPI) * Past Cost. So, (251.1 / 40.48) * $1,410 ≈ $8,746.

In 1971, the Cost of a Four-Year College Degree from a Public