The price of a house in Year 1 was $50,000. If the Consumer Price Index is 101 for Year 1 and 202 for Year 2, the value of the house in Year 2 is . A. $150,000 B. $55,000 C. $100,000 D. $75,00

C - $100, 000

The value of the house in year 2 will be $100,000

Explanation:

Year 1

Price = $50,000

Consumer price index = 101

Year 2

Price = X (unknown)

Consumer price index = 202

The Ratio of price of the house in year 2 to year 1 is equal to the ratio of consumer price index in year 2 to year 1

Thus:

x / 50,000 =202 / 101

Cross multiply

101x = 50,000(202)

101x = 10,100,000

Divide both sides by 101

x = 10,100,000 / 101

x = $100,000

The price of the house in year 2

= $100,000

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