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04.07.2020 •
Mathematics
The median American household earned $9,387 in 1973 and $53,657 in 2014. During that time, though, the CPI rose from 44.4 to 236.7. Instructions: Enter your answer to the nearest whole number. a. What is the value of the 1973 median household income in terms of 2014 dollars
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Ответ:
$50,042.86
Step-by-step explanation:
We want to calculate the real value of the 1973 household income in 2014 dollars.
To do this, we use the formula:
Real value = (Household income in 1973) * Final CPI / Initial CPI
The final CPI is the consumer price index in 2014 = 236.7
The initial CPI is the consumer price index in 1973 = 44.4
Therefore:
Real value = 9387 * (236.7 / 44.4)
Real value = $50042.86
The value of the 1973 median household income in terms of 2014 dollars is $50,042.86
Ответ: