Question
After graduating from college in 2010, Art Major's starting salary is $35757.00 35757.00. Suppose Art Major has a cost of living adjustment (COLA) clause, or
After graduating from college in 2010, Art Major's starting salary is $35757.00
35757.00. Suppose Art Major has a cost of living adjustment (COLA) clause, or an escalator clause, in his labor contract so that he will be able to maintain this same level of purchasing power in real terms in 2011 and 2012. Using the information in the table, how much will Art Major earn in 2011 and 2012 if his salary keeps up with inflation? Round your answers to the nearestdollar.
YearCPI2010101.772011104.902012107.06
What is Art Major's salary in2011?
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Economics Today The Macro View
Authors: Roger LeRoy Miller
18th Edition
9780133884876
