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Suppose Your Grandfather Earned a Salary of $12,000 in 1961

Question 11

Multiple Choice

Suppose your grandfather earned a salary of $12,000 in 1961. If the CPI is 30 in 1961 and 196 in 2005, then the value of your grandfather's salary in 2005 dollars equals


A) $78,400.
B) $62,500.
C) $23,520.
D) $40,000.

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