Your parents bought their first car for $5,000. the price level in the year your parents bought their car was 50, while the price level today is 200. calculate how much your parents' car would have cost if they bought it today.
Car when parent bought it= 5000$
level when parent bought it =50
Car when I bought it= x$
level when I bought it =200
x=(5000*200) divided by 50
x=5000*4
=20000
Answer for parents car value today = 20000$
