A movie star was paid $1 million in 1960 to do a movie. the cpi was 29.3 in 1960 and the cpi in 2017 was 255. approximately how much did the movie star earn in 2017 dollars?
CPI is the Consumer Price Index. CPI is one of the most used statistics. In 1960 : CPI 29.3 --------------100 % In 2017 : CPI 255 --------------- x % ----------------------------------------------------- 29.3 : 255 = 100 : x 29.3 x = 25,500 x = 25,500 : 29.3 x = 870.3 % For $1 million in 1960 there is $8.703 million in 2017. Answer: The movie star earned $8.703 million in 2017.
