Iggie took a university teaching job as an assistant professor in 1980 at a salary of $15,000.By 2011,she had been promoted to full professor,with a salary of $70,000.If the price index was 82 in 1980 and 225 in 2011,then what is Iggie's 2011 salary in 1980 dollars?
A)$25,511
B)$52,073
C)$40,140
D)$41,159

Question

Quizplus · Accepted Answer

To find Iggie's 2011 salary in 1980 dollars, adjust for inflation using the price index: $70,000 * (82/225) = $25,511.

Iggie Took a University Teaching Job as an Assistant Professor