Question
In: Economics
10. The nominal salaries paid to the President of the United States, along with data for...
10. The nominal salaries paid to the President of the United States, along with data for the Consumer Price Index (CPI) for various years, are given below. Calculate the real presidential salaries in dollars (not cents) based on year 2000 dollars? Enter you answers in the space provided in the table. Show your work in the space below the table.
Nominal Average Annual CPI Real
Year Presidential Salary (1982-84 = 100) Presidential Salary
1920 $75,000 20.0 _______________
1940 $75,000 14.0 _______________
1960 $100,000 29.6 _______________
1980 $200,000 82.4 _______________
2000 $400,000 172.2 $400,000
Solutions
Expert Solution
| Year | Nominal Presidential Salary | Average Annual CPI (1982-84 = 100) | Real Presidential Salary, calculation | Real Presidential Salary |
| 1920 | 75000 | 20 | =(75000/20)*172.2 | $64,5750 |
| 1940 | $75,000 | 14.0 | =(75000/14)*172.2 | $922,500 |
| 1960 | $100,000 | 29.6 | =(100000/29.6)*172.2 | $581,757 |
| 1980 | $200,000 | 82.4 | =(200000/82.4)*172.2 | $417,961 |
| 2000 | $400,000 | 172.2 | =(400000/172.2)*172.2 | $400,000 |
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