if it cost $8 to fill a gas tank in 1980, how much would it have cost to fill the same tank in 2010? average…

if it cost $8 to fill a gas tank in 1980, how much would it have cost to fill the same tank in 2010? average gasoline prices (per gallon) year price price as a percentage of 1980 price price index (1980 = 100) 1960 $0.31 25.4% 25.4 1970 $0.36 29.5% 29.5 1980 $1.22 100.0% 100.0 1990 $1.23 100.8% 100.8 2000 $1.56 127.9% 127.9 2010 $2.84 232.8% 232.8 it would have cost $ in 2010. (round to the nearest cent as needed.)

if it cost $8 to fill a gas tank in 1980, how much would it have cost to fill the same tank in 2010? average gasoline prices (per gallon) year price price as a percentage of 1980 price price index (1980 = 100) 1960 $0.31 25.4% 25.4 1970 $0.36 29.5% 29.5 1980 $1.22 100.0% 100.0 1990 $1.23 100.8% 100.8 2000 $1.56 127.9% 127.9 2010 $2.84 232.8% 232.8 it would have cost $ in 2010. (round to the nearest cent as needed.)

Answer

Explanation:

Step1: Identify the price - percentage relationship

The price of gasoline in 2010 is 232.8% of the price in 1980.

Step2: Calculate the cost in 2010

Let the cost in 1980 be $C_{1980} = 8$ dollars. The cost in 2010, $C_{2010}$, can be found by multiplying the cost in 1980 by the percentage factor. The percentage factor for 2010 compared to 1980 is 2.328 (since 232.8%=$\frac{232.8}{100}=2.328$). So, $C_{2010}=C_{1980}\times2.328$. $C_{2010}=8\times2.328 = 18.624$.

Answer:

$18.62$