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Use the Consumer Price Index Below to Answer the Question

question 149

Essay

Use the Consumer Price Index below to answer the question.  Average Annual Consumer Price Index (1982-1984 = 100)  Year  CPI  Year  CPI  Year  CPI 1986109.61995152.42004188.91987113.61996156.92005195.31988118.31997160.52006201.61989124.01998163.02007207.31990130.71999166.62008215.31991136.22000172.22009214.51992140.32001177.12010218.11993144.52002179.92011224.91994148.22003184.02012229.6\begin{array}{l}\text { Average Annual Consumer Price Index (1982-1984 = 100) }\\\begin{array} { c | c | c | c | c | c } \text { Year } & \text { CPI } & \text { Year } & \text { CPI } & \text { Year } & \text { CPI } \\\hline 1986 & 109.6 & 1995 & 152.4 & 2004 & 188.9 \\1987 & 113.6 & 1996 & 156.9 & 2005 & 195.3 \\1988 & 118.3 & 1997 & 160.5 & 2006 & 201.6 \\1989 & 124.0 & 1998 & 163.0 & 2007 & 207.3 \\1990 & 130.7 & 1999 & 166.6 & 2008 & 215.3 \\1991 & 136.2 & 2000 & 172.2 & 2009 & 214.5 \\1992 & 140.3 & 2001 & 177.1 & 2010 & 218.1 \\1993 & 144.5 & 2002 & 179.9 & 2011 & 224.9 \\1994 & 148.2 & 2003 & 184.0 & 2012 & 229.6\end{array}\end{array}
-The table below shows the federal hourly minimum wage in various years. Complete the
table by converting each minimum wage from actual dollars to 2001 dollars. In which year
was the purchasing power of the minimum wage the highest?  Year  Actual dollars 2001 dollars 1990$3.501991$4.251996$4.751997$5.15\begin{array} { l | l } \text { Year } & \text { Actual dollars 2001 dollars } \\\hline 1990 & \$ 3.50 \\1991 & \$ 4.25 \\1996 & \$ 4.75 \\1997 & \$ 5.15\end{array}


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