What will you tell your grandchildren? You have the following facts: CPI in 2016 was 240....

What will you tell your grandchildren? You have the following facts: CPI in 2016 was 240. CPI in 2060 is 2400. The price of gasoline in 2016 is $2.00 per gallon. The price of gasoline in 2060 is $15 per gallon. How many dollars would you need in 2060 to buy what $2.00 would buy in 2016?

Enter your answer as a number, rounded to two decimal places. Don't enter a dollar sign.

Expert Solution

Dollar needed in 2060 to buy what $2.00 would buy in 2016 = 2016 price * (2060 CPI / 2016 CPI)

= $2.00 * (2400 / 240)

= $20.00

Thus, $20.00 you would need in 2060 to buy what $2.00 would buy in 2016.

Rahul Sunny answered 7 months ago

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What will you tell your grandchildren? You have the following facts: CPI in 2016 was 240....

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