Homework Answers
Answer - Hourly rate in 1967 = $ 1.76
Reason -
Hourly rate in 1967 = Hourly rate in 2016 * (CPI in 1967 ÷ CPI in 2016)
Hourly rate in 1967 = $12.5 * ( 18.1 ÷ 128.4 )
Hourly rate in 1967 = $12.5 * 0.14096573208
Hourly rate in 1967 = $1.762071651 or $1.76 ( rounded off )
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