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A movie star was paid $1 million in 1960 to do a movie. The CPI was 29.3 in 1960 and the CPI in 2012 was 226.665. Approximately how much did the movie star earn in 2012 dollars?

Respuesta :

sqdancefan

Answer:

  about $7.736 million

Step-by-step explanation:

The effective earnings are proportional to the CPI. The CPI increased by a factor of 226.665/29.3 ≈ 7.736 over the years, so the effective earnings are presumed to increase by that same factor.

  $1 million × 7.736 = $7.736 million

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