Question

The following table gives information on the CPI and the yearly salary of Simone Smith: Year...

  1. The following table gives information on the CPI and the yearly salary of Simone Smith:

Year

Consumer Price Index (2002=100)

Simone Smith’s Yearly Salary

2002

100.0

$30,000

2006

109.1

$32,250

2010

116.5

$36,000

2013

122.8

$40,500


(a) What is the purchasing power of the dollar for 2013 based on the period 2002?

(b) Determine Simone Smith's real yearly salary for 2010. Interpret the result.
(c) What is the purchasing power of the dollar for 2013 based on the period 2006?
(d) Determine Simone Smith's real yearly salary for 2013. Interpret the result.

Math   Statistics-And-Probability   
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