The Consumer Price Index (CPI) tracks prices of consumer goods in the United States. For instance, the CPI was 13.9 in 1940 and 168.8 in 2000, which means that an item costing $13.90 in 1940 cost $168.80 in 2000. The CPI can be modeled by P(x) = 0.00047x3 − 0.042x2 + 1.25x + 2.77, where x is the number of years after 1900. Estimate the CPI for 1950, 1980, and 2005 and interpret the meaning of your answers.
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