The salary of the president of the United States in 2000 was $400,000. In 1940, the...
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:
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less than $75,000. |
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less than $400,000. |
||
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approximately $668,850. |
||
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approximately $926,000. |
Homework Answers
President salary in 2000 = 400000
Salary in 1940 = 75000
CPI in 1940 = 8.1
CPI in 2000 = 100
The 1940 salary in 2000 = 75000*100/8.1 = 925926
option(D)
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