contestada

In 1931, President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 1931 and 237 for 2015. President Hoover's 1931 salary was equivalent to a 2015 salary of about:_____.
a. $16,080,001.
b. $1,169,408.
c. $4,965.
d. $1,057,894.

Respuesta :

anthougo

President Hoover's 1931 salary was equivalent to a 2015 salary of about b. $1,169,408.

What is the consumer price index?

The consumer price index (CPI) measures the average changes over time in the prices of consumer goods and services within a market basket.

The consumer price index can be used to compute the equivalent costs or earnings of goods and services at different periods.

Data and Calculations:

Hoover's salary in 1931 = $75,000

Consumer price index in 1931 = 15.2

Consumer price index in 2015 = 237

Equivalent salary of President Hoover's 1931 salary = $1,169,408 ($75,000/15.2 x 237).

Thus, President Hoover's 1931 salary was equivalent to a 2015 salary of about b. $1,169,408.

Learn more about the consumer price index at https://brainly.com/question/5992428

Otras preguntas