Homework Answers
In 2005, the price of oil in 2005 was $67. According to the question, calculate the price of oil in 1981.
Time gap (N) between 1981 and 2005 is given by
N = 2005 - 1981 = 24 years
To calculate price per barrel oil in 1981, use the following relation:
P = F(1+ i)-N
Here, P is the value of oil in 1981, F is the value of oil in 2005, i is the inflation rate per year and N is the number of year.
Thus P= 67*(1+ 0.032)-24
P = 67*(1.032)-24 = 67* .47 = $31.49
the price of oil in 1981 was $31.49
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