The Value of the Consumer Price Index Increased from 140

question 103

True/False

The value of the consumer price index increased from 140 to 147 during 2006. Nathan opened a bank account at the beginning of 2006, and at the end of 2006 his account balance was $12,840. The purchasing power of Nathan's account increased by 2 percent during the year. We can conclude that Nathan opened his account with a deposit of $11,500 at the beginning of 2006.

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Definitions:

Social Clock

The societal norms and expectations for the timing of life events, such as marriage, parenthood, and retirement.

Timing-of-life Events

Refers to the significance of when certain events occur in an individual's life, which can affect outcomes in various domains like health, education, and career.

Normative Time

A societal or culturally established timeframe for when certain life events or developmental milestones are expected to occur.

Five-factor Model

A conceptual model based on the theory that five broad dimensions are sufficient to describe human personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.