Homework Answers
Solution:
a)
Presidential real salary is calculated with the help of the following formula:
on the basis of this formula table has been computed and shown below:
| Year | Presidential Salary | CPI | Real Salary |
| 1920 | $ 75,000 | 11.6 | 646551.72 |
| 1940 | $ 75,000 | 8.1 | 925925.93 |
| 1960 | $ 100000 | 17.2 | 581395.35 |
| 1980 | $ 200000 | 47.9 | 417536.53 |
| 2000 | $ 400000 | 100 | 400000 |
b)
Presidential real salary is highest in the year 1940 as that time consumer price index was lowest
c)
presidential real salary was constant between 1920 and 1940 but the real salary is not the same. infact the real salary is very high in 1940 in comparison to 1920 .this is because consumer price index is only 8.1 in 1940 in comparison 11.1 in 1920. This is very low.
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The salary of the president of the United States in 2000 was $400,000. In 1940, the president's salary was $75,000. If the Consumer Price Index was 8.1 in 1940 and 100 in 2000, the 1940 presidential salary measured in terms of the purchasing power of the dollar in 2000 would be: less than $75,000. less than $400,000. approximately $668,850. approximately $926,000.
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