In 1983, a cast-iron pan cost $28.35. Today, a cast-iron pan costs $52.95. If the CPI is 166, what is the percent relation of the actual price of a cast-iron pan to the expected price? a.
The actual price is 11.1% lower than the expected price.
b.
The actual price is 20.8% lower than the expected price.
c.
The actual price is 31.5% higher than the expected price.
d.
The actual price is 12.5% higher than the expected price.