Suppose that a child who lost her first tooth in 1998 was left $1.00 by the Tooth Fairy. Let us assume that the Tooth Fairy leaves the same amount for each tooth, if payments are adjusted for inflation. Then, based on the Consumer Price Index, the Tooth Fairy should have left her mother $0.19 for a tooth in 1963 and given her grandmother $0.09 for a tooth in 1938. Find the best-fitting exponential function for these data, and use it to predict how much the Tooth Fairy should leave for the little girl’s daughter if she loses a tooth in 2023.
Source for conversion factors: Robert Sahr. Political Science Department, Oregon State University.
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