SOLUTION: Social Security recipients receive an automatic cost-of-living adjustment (COLA) once each year. Their monthly benefit is increased by the amount that consumer prices increased dur
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Question 703764: Social Security recipients receive an automatic cost-of-living adjustment (COLA) once each year. Their monthly benefit is increased by the amount that consumer prices increased during the preceding year. Suppose that consumer prices have increased by 6.1% during the preceding year.
(a) Express the adjusted monthly benefit of a Social Security recipient as a function of his or her current monthly benefit. Answer by KMST(5328) (Show Source):
You can put this solution on YOUR website! If the benefit for the previous year was
and a COLA of 6.1% is added, the new benefit would be
