Ask Question
8 May, 22:06

Iggie took a university teaching job as an assistant professor in 1980 at a salary of $15,000. By 2011, she had been promoted to full professor, with a salary of $70,000. If the price index was 82 in 1980 and 225 in 2011, then what is Iggie's 1980 salary in 2011 dollars?

a. $25,511b. $52,073c. $40,140d. $41,159

+3
Answers (1)
  1. 8 May, 22:08
    0
    d. $41,159

    Explanation:

    This can be calculated as follows:

    Iggie's 1980 salary in 2011 dollars = (2011 price index : 1980 price index) * Iggie's 1980 salary = (225 : 82) * 15,000 = $41,159.

    Therefore, the correct answer is d. $41,159. That is, Iggie's 1980 salary in 2011 dollars is $41,159.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Iggie took a university teaching job as an assistant professor in 1980 at a salary of $15,000. By 2011, she had been promoted to full ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers