Jason earned $28000 in 2007. if the consumer price index in 2006 was 109.9 and in 2008 was 117.4,what did penny have to earn in 2008 just to keep up with inflation.
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Given : Jason earned $28000 in 2007. the consumer price index in 2007 was 109.9 and in 2008 was 117.4,
To Find : what did penny have to earn in 2008 just to keep up with inflation.
Solution:
consumer price index in 2007 = 109.9
Earned in 2007 = $28000
consumer price index in 2008 = 117.4
Earned in 2008 = X
=> 28000/109.9 = X/117.4
=> X = 28000 x 117.4 / 109.9
=> X = 29,910.83
=> X = 29,911
$29,911 need to earn in 2008 just to keep up with inflation.
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