Last year,Megan's salary was $65,000.The consumer price index increased from 109 to 115.If Megan received a cost-of-living adjustment,what would her salary be?

Question

Quizplus · Accepted Answer

To adjust for the cost of living, calculate the percentage increase in the consumer price index: (115 - 109) / 109 = 0.055 or 5.5%. Multiply Megan's original salary by this percentage and add it to her original salary: $65,000 * 0.055 = $3,575. Add this to $65,000 to get $68,575.

Last Year,Megan's Salary Was $65,000