If the "basket" of goods and services included in the consumer price index (CPI) cost $21,350 in the base year (when the CPI = 100) and currently costs $28,550, what is the current CPI?

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Quizplus · Accepted Answer

The current CPI is calculated by dividing the current cost of the basket by the base year cost and then multiplying by 100. So, $CPI = \frac{28,550}{21,350} \times 100 = 133.72$.

If the "Basket" of Goods and Services Included in the Consumer