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Sagot :
Dewey's 2001 salary in 2006 dollars is: $112,711.86
We are given the salary of $75,000 in 2001 and $95,000 in 2006. Also, we are given the consumer price index in 2001 and 2006 as 177 and 266 respectively.
Consumer Price Index is the index used by financial markets and policymakers. It holds application in measurement of variation in the prices. It also measures the inflation or deflation.
o, the salary of 2001 in 2006 will hold value = Salary in 2001 × {(CPI in 2006)÷(CPI in 2001)}
Keep the values in above mentioned formula to find the salary of 2001 in 2006
Value of salary = 75,000 × [tex]\frac{266}{177}[/tex]
Value of salary = 75,000 × 1.5028
Value of salary = $112,711.86
Hence, Dewey's 2001 salary in 2006 dollars is: $112,711.86
Learn more about Consumer Price Index-
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