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(Solved): Suppose the price of a typical home in South Africa was 517,000 rand in 2015. The CPI in South ...



Suppose the price of a typical home in South Africa was 517,000 rand in 2015. The CPI in South Africa was 100 in 2015 and 117.17 in 2018. If the price of a home had kept up with the rate of inflation from 2015 to 2018, the price of a home in 2018 would have been rand (round your answer to two decimal places).



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To calculate the price of a home in 2018, adjusted for inflation, we need to use the CPI to convert the 2015 price into 2018 rand.First, we need to ca
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