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in 1971, the cost of a four-year college degree from a public university was about $1,410. the consumer price index was 40.48 in january 1971. if the current consumer price index is 251.1, what is the approximate cost of the four-year degree in current dollars?

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Narayankutty

The approximate cost of the four-year degree in current dollars is $8,746 as per the current consumer price index.

What is the consumer price index?

  • The monthly change in prices paid by American consumers is tracked by the Consumer Price Index (CPI). The CPI is calculated by the Bureau of Labor Statistics (BLS) as a weighted average of prices for a selection of products and services that is indicative of total consumer spending in the United States.
  • One of the most widely used indicators of inflation and deflation is the CPI. In contrast to the producer price index (PPI), which tracks changes in the prices paid to American producers of goods and services, the CPI report employs a different survey methodology, price samples, and index weights.

To learn more about the consumer price index refer to:

https://brainly.com/question/1889164#

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