The consumer price index of 15.2 for 1931 and 237 for 2015. president hoover’s 1931 salary was equivalent to a 2015 salary of about b. $1,169,408.
The Consumer Price Index is a price index that is the price of a weighted average basket of consumer goods and services purchased by households. Measured CPI changes track price changes over time.
The
The index is usually calculated monthly or quarterly in some countries as a weighted average of sub-indices of various elements of consumer spending such as food, housing, shoes, and clothing. subindex.
Statistical estimates are generated from prices for a representative sample of regularly priced items. Sub-indexes and sub-sub-indexes can be calculated for different categories and sub-categories of goods and services.
Equivalent value to a 2015 salary = (CPI of 2015/CPI of 1931)* Salary of 1931
= (237/15.2)*75000
= $1169407.895
= $1169408
Hence, Ans b is correct
Disclaimer:- your question is incomplete, please see below for the complete question.
a. $1,057,894
b. $1,169,408
c. $16,080,001
d. $4965
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