Question

Suppose you needed $18000 to maintain a particular standard of living in 1980 how much would you have needed in 2004 to maintain the same standard of living? Assuming that all prices have risen at the same CPI

Average Annual Consumer Price Index (CPl) (1982-1984-100) Year 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 CPI 44.4 49.3 53.8 56.9 60.6 65.2 72.6 82.4 90.9 96.5 99.6 Year 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 CPI 103.9 107.6 109.6 113.6 118.3 124.0 130.7 136.2 140.3 144.5 148.2 Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 CPI 152.4 156.9 160.5 163.0 166.6 172.2 179.9 184.0 188.9 195.3 2005