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You might have heard your grandmother say, “When I was your age, candy bars cost a nickel.” Like candy bars, the price of fast food has increased over time. In 1957, the year Burger King introduced its Whopper, the price was $0.37. In 2015, a Whopper costed $3.99.

Suppose the CPI in 1957 was 28, and the CPI in 2015 was 240. The base year for the CPI is 1983.

If the price of a Whopper had kept up with the rate of inflation, its price in 2015 would have been $

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es as an older person, I have seen a big increase in the cost of things like I remember when car gas cost about 55 cents a gallon! While wages and salaries have gone up I don't think that in many cases they have kept pace with the cost of living. I used to get paid $365 per month when I started out in mineral exploration and then at my last job as an employee I got about $5000 per month but even then we struggled to make ends meet to pay the mortgage or rent and buy food and clothing for the kids etc.

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If the price of Burger King Whopper had increased at the same rate as the general inflation, the price in 2015 would be $3.17

Consumer Price Index (CPI) is used to measure inflation by measuring the price of certain household goods overtime.

When using it to calculate the price of something in a year, use the formula:

= Price in year of interest x CPI of current year / CPI in year of interest

The price in 2015 would therefore be:

= 0.37 x 240 / 28

= $3.17

In conclusion, the price of the Whooper in 2015 would be $3.17.

Find out more at https://brainly.com/question/17960412.