Results 1 to 7 of 7

Math Help - URGENT: Index Numbers help needed!

  1. #1
    Newbie
    Joined
    Feb 2008
    Posts
    6

    Exclamation URGENT: Index Numbers help needed!

    Sorry that this is such a long winded question, but I've been puzzling over this for hours now and still can't understand it in the slightest and... well... time is becoming slim! XD

    So, I was wondering if anyone could explain to me how to do this question;

    Q. An index of prices based on the year 2000 is shown as follows...

    Year-----Index
    2003--------------111
    2004--------------117
    2005--------------124
    2006--------------132

    1. What is the percentage increase in prices between 2000 and 2005?
    2. What is the percentage increase in prices between 2003 and 2006?
    3. The index number is forecast to increase by 5% of its value each year over the next 2 years. Calculate the index number in 2007 and 2008.


    I know it's alot and I'm sorry. I'll be really grateful if anyone can help though. I really do not understand index numbers at all...

    p.s. am I right in thinking 2000's index should be 100?
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Newbie
    Joined
    Feb 2008
    Posts
    14
    I believe 2000's index is 99. The pattern is 99+3=102 which is 2001's index. 102+4=106 which is 2002's index. and you can see that pattern continues all the way up to 2006. see if you cannot figure out the percentage portions though, before looking for a little more help. Remember the definitions of what a percentage is. 3 is 150% of 2...aka 2*1.5=3.
    Follow Math Help Forum on Facebook and Google+

  3. #3
    Newbie
    Joined
    Feb 2008
    Posts
    6
    Thanks alot.
    I'm still confused because I thought the base year had to be 100...
    But I'll go with that and see if it starts to make more sense
    Thankyou.

    Any more help from people will be appreciated also.
    Follow Math Help Forum on Facebook and Google+

  4. #4
    Newbie
    Joined
    Feb 2008
    Posts
    14
    you may be right about 100. I never did indexes...I just looked at the pattern. But reading it again, an index number seems likely to imply a base of 100. I'll google, and see what I can get.
    Follow Math Help Forum on Facebook and Google+

  5. #5
    Newbie
    Joined
    Feb 2008
    Posts
    14
    yes you're right it should be 100. However, keep in mind what I said about percentages and I think you'll find the rest of the problems to be simple. I'll check back in a few minutes; write if you figure it out, or are stuck.
    Follow Math Help Forum on Facebook and Google+

  6. #6
    Newbie
    Joined
    Feb 2008
    Posts
    6
    Thanks for this, you've been very helpful thus far!
    But... I've just been trying to work it out and I still don't understand how you get the percentage increase

    This is such a BAD area of maths for me
    Follow Math Help Forum on Facebook and Google+

  7. #7
    Newbie
    Joined
    Feb 2008
    Posts
    14
    Base: 10 units
    1st week: 12 units

    % increase from the base to 1st week= 1-12/10= 2/10 or 20% increase. That may pretty much give it away, but good luck.
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Urgent Help needed!
    Posted in the Statistics Forum
    Replies: 1
    Last Post: July 17th 2009, 03:26 PM
  2. price index numbers and rebasing help please.
    Posted in the Algebra Forum
    Replies: 2
    Last Post: March 27th 2009, 08:18 AM
  3. Complex Numbers; urgent help needed
    Posted in the Trigonometry Forum
    Replies: 2
    Last Post: November 30th 2008, 12:05 PM
  4. Four 4's: Urgent help needed
    Posted in the Math Topics Forum
    Replies: 4
    Last Post: December 7th 2007, 06:34 AM
  5. Index Laws and more - HELP! URGENT
    Posted in the Algebra Forum
    Replies: 3
    Last Post: July 4th 2007, 07:30 AM

Search Tags


/mathhelpforum @mathhelpforum