In 1990 an individual earned $24,299 and the CPI had a value of 142. The CPI...
In 1990 an individual earned $24,299 and the CPI had a value of 142. The CPI in 2018 had a value of 226. Calculate the value of the individual's income measured in 2018 dollars. Round your answers to two decimal places
Homework Answers
Inflation between the years 1990 and 2018
= (CPI of 2018 - CPI of 1990)/CPI of 1990 * 100
= (226 - 142)/142 * 100
= 84/142 *100
= 0.59154 * 100
= 59.154%
Income in 1990 = $24,299 + 59.154% * 24,299
= 24,299(1.59154)
= $38,673.06
Another way to solve it
= CPI of 2018/CPI of 1990 * Income in 1990
= 226/142 * 24,299
= $38,673.06
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