SOLUTION: In 1975 the price of gasoline per gallon was 52.9 cents. With the 1975 price as the reference value, the gasoline price index for 1998 is 197.8. What was the cost of a gallon of ga

Question 431454: In 1975 the price of gasoline per gallon was 52.9 cents. With the 1975 price as the reference value, the gasoline price index for 1998 is 197.8. What was the cost of a gallon of gasoline in 1998? Round to the nearest cent as needed.
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
If the price of gas in 1975 was 52.9 cents, and the gas price index for 1998 was 197.8, then gas cost 197.8% of its' amount in 1975. This is equivalent to 1.978 times the 1975 price:
52.9 X 1.978=104.64 cents, or
gas cost $1.0464 in 1998, or $1.05.
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