Describe the adjustments for the inflation

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Reference no: EM131772232

Question: The price of a first-class stamp in 1970 was 8 cents, whereas in 2002 it was 37 cents. The Consumer Price Index for 1970 was 38.8, whereas for 2002 it was 172.2. If the true cost of a first-class stamp did not increase between 1970 and 2002, what should it have cost in 2002? In other words, what would an 8-cent stamp in 1970 cost in 2002, when adjusted for inflation?

Reference no: EM131772232

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