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Suppose that currently the consumer prices index (CPI) is 359.7 and that at the same time last year it was 343.5. If an index-linked pension was £503 per month this time last year, calculate how much it should be per month now. (Give your answer to the nearest pound. Do NOT include the '£' sign. Assume the pension is index linked using the CPI.)

Suppose that currently the consumer prices index (CPI) is 359.7 and that at the same time last year it was 343.5. If an index-linked pension was £503 per month this time last year, calculate how much it should be per month now. (Give your answer to the nearest pound. Do NOT include the '£' sign. Assume the pension is index linked using the CPI.)

Macroeconomics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 10CQ
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Suppose that currently the consumer prices index (CPI) is 359.7 and that at the same time last year it was 343.5. If an index-linked pension was £503 per month this time last year, calculate how much it should be per month now. (Give your answer to the nearest pound. Do NOT include the '£' sign. Assume the pension is index linked using the CPI.) Answer:
Transcribed Image Text:Suppose that currently the consumer prices index (CPI) is 359.7 and that at the same time last year it was 343.5. If an index-linked pension was £503 per month this time last year, calculate how much it should be per month now. (Give your answer to the nearest pound. Do NOT include the '£' sign. Assume the pension is index linked using the CPI.) Answer:
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