Lea Lewis was an accountant in 1951 and earned $18,000 that year. Her son is an...
Lea Lewis was an accountant in 1951 and earned $18,000 that year. Her son is an accountant too and he earned $240,000 this year. Suppose the price index was 18.1 in 1951 and 20.8 in the current year.
Refer to Scenario 24-1. In real terms, the income of Lea's son amounts to about what percentage of Lea's income?
a. 1160.3 percent
b. 13.3 percent
c. 8.6 percent
d. 1.1 percent
Homework Answers
Real income of son = 240000 * 18.1 / 20.8 = 208846.15
% age of Lea income = 208846.15 / 18000 * 100 = 1160.256 % ~ 1160.3%
option a is correct answer
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Lea Lewis was an accountant in 1951 and earned $18,000 that
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Need help with number 12 it relates to number 11
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