The CPI in July, 1977, was 60.9; in July, 1994, it was 148.4.
a. The salary of the governor of California in July, 1977, was $ 49,100; in July 1994, it was $ 120,000. Compute what the July, 1977, salary would be in July, 1994, adjusted for inflation, and compare it with the actual salary in July, 1994.
b. The salary of the president of the United States in July, 1977, was $ 200,000. In July, 1994, it was still $ 200,000. Compute what the July, 1977, salary would be in July, 1994, adjusted for inflation, and compare it with the actual salary.