In 1983, a winter hat cost $12.95. Today, a winter hat costs $24.50. If the CPI is 219, what is the percent relation of the actual price of a winter hat to the expected price?

The actual price is 13.6 % lower than the expected price ...

Step-by-step explanation:

Lets suppose the expected price = x

CPI = (expected price) : (price in 1983) * 100

219 = (x : 12.95) * 100

Divide both sides by 100.

x : 12.95 = 2.19

x = 2.19*12.95

= $28.36 (expected price)

p = (24.50*100) / 28.36

p = 2450/28.36

= 86.4 %

100 % - 86.4 % = 13.6 %

The actual price is 13.6 % lower than the expected price ...