Question
Q1.Captain America as a captain in the US Army during World War II earned around $4,800 annually in 1944. While in 2021, as he is
Q1.Captain America as a captain in the US Army during World War II earned around $4,800 annually in 1944. While in 2021, as he is still a captain of the US Army, he earns $52,596 per year. Suppose the price index was 17.6 in 1944. The price index in 2020 is 1470.7% of that in 1944.
a. What is the price index in 2020?
b.How much does the Captain America's pay in 1944 worth in terms of 2021's price?
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Basic Economics
Authors: Frank V. Mastrianna
16th edition
1111826641, 978-0357706664, 978-1111826642
