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The nominal price of milk was $2.25 in 1998 while the CPI was 163.0 that year. Also, the CPI in 1970 was 38.8. What was the real value of 1998 milk in terms of 1970 dollars?

The nominal price of milk was $2.25 in 1998 while the CPI was 163.0 that year. Also, the
CPI in 1970 was 38.8. What was the real value of 1998 milk in terms of 1970 dollars?

Apr 13 2021 View more View Less

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