If the CPI rises from 206.7 to 212.7 between two consecutive years,by how much has the cost of living changed between these two years?
A)The cost of living has increased by 6%.
B)The cost of living has increased by 2.9%.
C)The cost of living has increased by 12.7%.
D)The cost of living has decreased by 6%.

Question

Quizplus · Accepted Answer

To find the percentage change in the cost of living, we need to use the formula:

Percentage change = ((new value - old value)/(old value)) x 100

Substituting the values, we get:

Percentage change = ((212.7-206.7)/206.7) x 100
                    = (6/206.7) x 100
                    = 2.9%

Therefore, the cost of living has increased by 2.9% between the two consecutive years. Answer choice B is correct.

If the CPI Rises from 206