ZuoTi.Pro
Question

Three years ago Tom purchased his large screen TV for $3,630 when the CPI was 112.8....

Three years ago Tom purchased his large screen TV for $3,630 when the CPI was 112.8. How much would the same TV cost him now if this year's CPI is 97.6?

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Ans $ 3140.85

Cost of TV now = Price of TV / Old CPI * New CPI

= 3630 / 112.8 * 97.6

= $ 3140.85

0 0
Add a comment
Know the answer?
Add Answer to:
Three years ago Tom purchased his large screen TV for $3,630 when the CPI was 112.8....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • "Ten years ago, Tom purchased a painting for $300. The painting is now worth $1,020. Tom...

    "Ten years ago, Tom purchased a painting for $300. The painting is now worth $1,020. Tom could have deposited $300 in a savings account paying 12 percent interest compounded annually. Which of these two options, in retrospect, would have provided Tom with a higher return?" buy the painting deposit in the savings account "either, both are equal financial investments" "neither, being able to look at the painting is more satisfying but riskier than the savings account."

  • Juliana purchased land three years ago for $87,400. She gave the land to Tom, her brother,...

    Juliana purchased land three years ago for $87,400. She gave the land to Tom, her brother, in the current year, when the fair market value was $122,360. No gift tax is paid on the transfer. Tom subsequently sells the property for $110,124. a. Tom's basis in the land is $ and he has a realized of $. b. Assume, instead, that the land has a fair market value of $78,660 and that Tom sold the land for $74,727. Tom's basis...

  • . Harold purchased a home for $300,000 three years ago, and was recently transferred by his...

    . Harold purchased a home for $300,000 three years ago, and was recently transferred by his employer to an office located across the country. He made $20,000 of improvements to the residence, but if he sold the home today, he would only be able to receive $260,000 for the house due to a weak real estate market. Instead of selling the home and realizing a loss, Harold rents the home to a tenant. What is Harold's basis for depreciation purposes?...

  • Frank purchased his house 16 years ago by taking out a 25-year mortgage for $150,000. The...

    Frank purchased his house 16 years ago by taking out a 25-year mortgage for $150,000. The mortgage has a fixed interest rate of 5 percent compounded monthly. If he wants to pay off his mortgage today, how much money does he need? He made his most recent mortgage payment earlier today.

  • 2. Josie purchased a house for $50,000 three years ago. She is paying for the house...

    2. Josie purchased a house for $50,000 three years ago. She is paying for the house over a period of 30 years by making monthly payments. The interest rate is 6% compounded monthly. (a) How much of her 330th loan payment is interest? (9 points)

  • A machine now in use was purchased four years ago at a cost of $29,000. It...

    A machine now in use was purchased four years ago at a cost of $29,000. It has a book value of $8,893. It can be sold for $10,000, but it could be used for three more years, at the end of which time, it would have no salvage value. What is the current amount of economic depreciation for this asset? The amount of economic depreciation is $ (Round to the nearest dollar.)

  • Four years ago, Victor purchased a very reliable automobile. His warranty has just expired, but the...

    Four years ago, Victor purchased a very reliable automobile. His warranty has just expired, but the manufacturer has just offered him a 5-year, bumper-to-bumper warranty extension. The warranty costs $3,400. Victor constructs the following probability distribution with respect to anticipated costs if he chooses not to purchase the extended warranty 900 2,800 4,700 11,000 0.19 0.48 0.20 0.13 a. Calculate Victor's expected cost Expected cost b. Given your answer in part a, should Victor purchase the extended warranty? (Assume risk...

  • Several years ago, Logan purchased extra grazing land for his ranch at a cost of $240,...

    Several years ago, Logan purchased extra grazing land for his ranch at a cost of $240, 000. In 2020, the land is condemned by the state for development as a highway maintenance depot. Under the condemnation award, Logan receives $600,000 for the land. Within the same year, he replaces the property with other grazing land. What is Logan’s tax situation if the replacement land cost: a. $210,000 b. $360,000 c. $630,000 Why?

  • Question 5 1 pt You purchased a bulldozer three years ago for $300.000. You planned on...

    Question 5 1 pt You purchased a bulldozer three years ago for $300.000. You planned on keeping it for 10 years, and hoped it would earn you net revenue of $40.000 per year. It has earned you net revenue since then of $30,000 per year because it is under-powered. You now have the option of upgrading it for a cost of $50,000 that would increase its net revenue production to $40,000 per year for the remaining life of the dozer,...

  • A sofa purchased 5 years ago for $2,000 has been destroyed by a tornado.  It is 60%...

    A sofa purchased 5 years ago for $2,000 has been destroyed by a tornado.  It is 60% depreciated. Today the same sofa costs $2,250. If a homeowner files a claim for the lost sofa, how much would the insurer pay, assuming there is no deductible?

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT