Consumer Price Index Prices as measured by the U.S. Consumer Price Index (CPI) have risen steadily since World War II. The data in the table give the CPI for selected years between 1970 and 2010. The CPI in this table has 1984 as a reference year; that is, what cost $1 in 1984 cost about $1.31 in 1990 and $2.18 in 2010.
Year | CPI |
1970 | 38.8 |
1980 | 82.4 |
1990 | 130.7 |
2000 | 172.2 |
2005 | 195.3 |
2010 | 217.5 |
a. Align the input data as the number of years after 1970 and find a linear model for the data rounded to three decimal places.
b. Use the model to estimate when the CPI will be 262.39.
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