Answer:
Current price index number = 455
Step-by-step explanation:
Given:
Current cost of gasoline = $2.58 per gallon
1975 price of gasoline = 56.7 Cents = 56.7 / 100 = $0.567 per gallon
Find:
Current price index number = ?
Computation:
Current price index number = (Current cost / Reference cost) 100
Current price index number = ($2.58 / $0.567)100
Current price index number = (4.55)100
Current price index number = 455
