Homework Answers
Answer
The correct answer is (a) $1,058,388
In 1931, Consumer Price Index = 15.2 and salary = 75000
Hence Real Salary = Salary/ CPI
=> 1931 real Salary(i.e. Salary with price adjusted) = 75000/15.2 = 4934.21
In 2009, Consumer Price Index = 214.5.
We want real Salary in 2009 to be equivalent to real salary in 1931
2009 real Salary(i.e. Salary with price adjusted) = Salary in 2009/214.5
=> Salary in 2009/214.5 = 75000/15.2
=> Salary in 2009 = $1058388
Hence, the correct answer is (a) $1058388
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