You know that a candy bar cost five cents in 1962. You also know the CPI for 1962 and the CPI for today.
Which of the following would you use to compute the price of the candy bar in today's prices?
a. five cents ((today's CPI - 1962 CPI) / 1962 CPI)
b. five cents (today's CPI / 1962 CPI)
c. five cents (1962 CPI / today's CPI)
d. five cents today's CPI - five cents 1962 CPI.
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