SOLUTION: If a person makes $30,000 in 2004 and the inflation rate 4% annually, how much is this salary worth in the year 2008(in terms of 2004 dollars)?
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Question 394083: If a person makes $30,000 in 2004 and the inflation rate 4% annually, how much is this salary worth in the year 2008(in terms of 2004 dollars)?
Answer by pie90010(44) (Show Source): You can put this solution on YOUR website!
make an equation and plug it in friend :D
30,000(1.04)^x
in this equation, x is the number of years, so in your problem , plug in 4
because 4 years passed between 2008 and 2004
30,000(1.04)^4 = $35,095.76
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