22. The following table shows the price of a specific stereo receiver for a five-year period. Using year 3 as the base year, calculate the price index for each year.

Year Price Price index
1 $ 88 ___
2 $100 ___
3 $120 ___
4 $132 ___
5 $140 ___

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70

90
100
110
125

To calculate the price index for each year using year 3 as the base year, you need to follow these steps:

1. Calculate the price index for year 1:
Price index = (Price of year 1 / Price of base year) * 100
Price index = ($ 88 / $120) * 100
Price index = 73.33

2. Calculate the price index for year 2:
Price index = (Price of year 2 / Price of base year) * 100
Price index = ($100 / $120) * 100
Price index = 83.33

3. Calculate the price index for year 4:
Price index = (Price of year 4 / Price of base year) * 100
Price index = ($132 / $120) * 100
Price index = 110

4. Calculate the price index for year 5:
Price index = (Price of year 5 / Price of base year) * 100
Price index = ($140 / $120) * 100
Price index = 116.67

So, the price index for each year is as follows:
Year 1: 73.33
Year 2: 83.33
Year 4: 110
Year 5: 116.67

To calculate the price index for each year, we need to compare the prices for each year to the price in the base year (year 3).

To calculate the price index for a particular year, we use the following formula:

Price index = (Price in the current year / Price in the base year) * 100

Let's calculate the price index for each year using year 3 as the base year:

For year 1:
Price index = (Price in year 1 / Price in year 3) * 100 = ($88 / $120) * 100 = 73.33

For year 2:
Price index = (Price in year 2 / Price in year 3) * 100 = ($100 / $120) * 100 = 83.33

For year 3 (base year):
Price index = (Price in year 3 / Price in year 3) * 100 = ($120 / $120) * 100 = 100.00

For year 4:
Price index = (Price in year 4 / Price in year 3) * 100 = ($132 / $120) * 100 = 110.00

For year 5:
Price index = (Price in year 5 / Price in year 3) * 100 = ($140 / $120) * 100 = 116.67

So, the price index for each year is as follows:

Year 1: 73.33
Year 2: 83.33
Year 3: 100.00
Year 4: 110.00
Year 5: 116.67