Below is Jim Walker's income for 2013 and 2015. What was Jim's real income for 2015?
A) $17,000
B) $27,000
C) $15,799
D) $21,487
E) $37,000

Question

Below is Jim Walker's income for 2013 and 2015.  What was Jim's real income for 2015?
A) $17,000 
B) $27,000 
C) $15,799 
D) $21,487 
E) $37,000

Quizplus · Accepted Answer

Looking at the chart, we see that in 2013 Jim had an income of $20,000. In 2015, his income had increased by 7.5% from 2013, meaning it would be 1.075 times his 2013 income. 
1.075 x $20,000 = $21,500 
However, we also see that Jim had a deduction of $1,013 from his income in 2015. 
Therefore, Jim's real income for 2015 was: $21,500 - $1,013 = $20,487, which is closest to choice (D) $21,487.

Below Is Jim Walker's Income for 2013 and 2015