A particular model of car costs $17,000 in 1998 and $28,000 in 2005, given in current dollars for each year. How much are each of these values worth in constant 2002 dollars? Use the U.S. CPI values from Table 3-1.
Consumer Price Index (CPI), U.S. | Consumer Price Index (PPI), U.S. | Consumer Price Index (CPI), U.K. | |
1997 | 87.4 | 95.5 | 96.3 |
1998 | 94.7 | 94.7 | 97.9 |
1999 | 96.7 | 96.4 | 99.1 |
2000 | 100 | 100 | 100.0 |
2001 | 102.8 | 102 | 101.2 |
2002 | 104.5 | 100.7 | 102.5 |
2003 | 106.9 | 103.8 | 103.9 |
2004 | 109.7 | 107.6 | 105.3 |
2005 | 113.4 | 112.8 | 107.4 |
2006 | 117.1 | 116.2 | 109.9 |