In 1924, the famous novelist F. Scott Fitzgerald wrote an article for the Saturday Evening Post titled “How to Live on $36,000 a Year,” in which he wondered how he and his wife had managed to spend all of that very high income without saving any of it. The CPI in 1924 was 17, and the CPI in 2016 was 240.

What income would you have needed in 2016 to have had the same purchasing power that Fitzgerald’s $36,000 had in 1924? Be sure to show your calculation.