In 1931,President Herbert Hoover was paid a salary of $75,000.Government statistics show a consumer price index of 15.2 for 1931 and 207 for 2007.President Hoover's 1931 salary was equivalent to a 2007 salary of about

Question

Quizplus · Accepted Answer

To find the equivalent salary in 2007, use the formula: (1931 salary) * (2007 CPI / 1931 CPI). So, $75,000 * (207 / 15.2) = $1,021,381.58, which rounds to $1,021,382.

In 1931,President Herbert Hoover Was Paid a Salary of $75,000