SOLUTION: Suppose your salary in 2013 is $60,000. Assuming an annual inflation rate of 9%, what salary do you need to earn in 2019 in order to have the same purchasing power? (Round your ans
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Suppose your salary in 2013 is $60,000. Assuming an annual inflation rate of 9%, what salary do you need to earn in 2019 in order to have the same purchasing power? (Round your ans
Log On
Question 1158370: Suppose your salary in 2013 is $60,000. Assuming an annual inflation rate of 9%, what salary do you need to earn in 2019 in order to have the same purchasing power? (Round your answer to two decimal places.) Answer by ikleyn(52775) (Show Source):
To compensate inflation, your salary should grow with the multiplicative factor (1+0.09) = 1.09
during 6 (six) years 2014, 2015, 2016, 2017, 2018 and 2019.
Therefore, = = = 100626 dollars. ANSWER
