If the CPI Rises from 206

question 167

Multiple Choice

If the CPI rises from 206.7 to 212.7 between two consecutive years, by how much has the cost of living changed between these two years?

• A)The cost of living has increased by 6%.
• B)The cost of living has increased by 2.9%.
• C)The cost of living has increased by 12.7%.
• D)The cost of living has decreased by 6%.
• E)The cost of living has decreased by 5.1%.

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Definitions:

Independent Events

Two or more events in probability with the outcome of any one event not influencing or being influenced by the outcome of the other event(s).

Fair Coin

A theoretical coin that has an equal likelihood of landing on heads or tails, often used in probability and statistics to model random events.

Record

The documented information or achievement that is recognized as the best or most remarkable performance in a particular field.

Number of Heads

In probability and statistics, refers to the count of successes (heads) in experiments of tossing coins a given number of times.