Question
A 10-minute telephone call to London through AT&T cost $12 in 1976 and $14.10 in July 2015 using an occasional calling plan. In 1976, the CPI was 56.9, and in July 2015, it was 238.7.
1. In terms of July 2015 dollars, a call in 1976 costs $____. (Give your answer to 2 decimal places.)
2. The real cost decreased between 1976 and July 2015 by ___ percent.
(Give your answer correct to one decimal place.)
1. In terms of July 2015 dollars, a call in 1976 costs $____. (Give your answer to 2 decimal places.)
2. The real cost decreased between 1976 and July 2015 by ___ percent.
(Give your answer correct to one decimal place.)