You earn $91,000 per year at your job. The index value for the medical care component...
You earn $91,000 per year at your job. The index value for the medical care component of the CPI is currently 442 but is expected to increase next year to 480. How much money will you need to earn next year to be able to purchase the same amount of medical care? Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "$," "=," "%," or "," in your answer.
Homework Answers
As per the question present income is 91000 per year
Current year medical component of CPI is 442
The medical component of CPI is expected to increase 480 next year
The money to be required for next year is (91000/442) x 480 = 98823.53
The money to be required for next year for purchasing same amount of medical care is 98823.53 (Answer)
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