SOLUTION: Is it B? I want to check my answer. Topic: Financial Mathematics If a basket of goods and services used to calculate CPI contains 2 pairs of socks at $2 each and 1 pair of s

Question 1179969: Is it B? I want to check my answer.
Topic: Financial Mathematics
If a basket of goods and services used to calculate CPI contains 2 pairs of socks at $2 each and 1 pair of shoes at $50, what will the CPI for year 2 be if the 2 pairs of socks cost $2.05 and 1 pair of shoes costs $51?
A. 54.00
B. 55.10
C. 98.00
D. 102.04
Answer by MathLover1(20849) (Show Source): You can put this solution on YOUR website!

Given:
pair of shoes for 1st year = $
pair of socks for 1st year = $, so pair cost = $
CPI for year 1
= >Price of shoes for 1st year + Price of Sock for 1st year= $

Now
pair of Shoes for 2nd year = $
pair of socks for 2nd year = $ each, 2 pair cost $

CPI for Year 2
Price of shoes for 2nd year + Price of Sock for 2nd year= $

Hence CPI for Year 2 is $

answer: B.

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