Answer:
The actual price is 13.6 % lower than the expected price....
Step-by-step explanation:
Lets suppose the expected price = x
CPI = ( expected price ) : ( price in 1983 ) *100
219 = ( x : 12.95 ) *100
Divide both sides by 100.
x : 12.95 = 2.19
x =2.19*12.95
= $28.36 ( expected price )
p = ( 24.50*100 ) / 28.36
p= 2450/28.36
= 86.4 %
100 % - 86.4 % = 13.6 %
The actual price is 13.6 % lower than the expected price....
