Suppose that Mike earned $15,000 in 2008 and $15,600 in 2009.If the consumer price index was 100 in 2008 and 103 in 2009,by approximately what percent did Mike's real salary increase?
A)1 percent
B)3 percent
C)4 percent
D)5 percent

Question

Quizplus · Accepted Answer

To find the real salary increase, adjust the 2009 salary for inflation: $15,600 / 1.03 = $15,145.63. The real increase from $15,000 to $15,145.63 is approximately 1%.

Suppose That Mike Earned $15,000 in 2008 and $15,600 in 2009.If