Answer fast with details explaintion..... The nominal salary paid to the president of the United States and the consumer priceindex for that associated year (with 2000 base year) is provided for various years inthe table below.Table 7-9Year19201940196019802000Presidential salary CPI (2000 = 100)$75,00075,000100,000200,000400,00011.6Approximately $668,850.Approximately $925,926.Approximately $750,000.Less than $75,000.8.117.247.9100.0Using the table above, suppose you were the president in 1940. How much wouldyour 1940 salary be worth in terms of 2000 prices? (Answers are rounded to thenearest dollar)

Consumer price Index: A measure of price changes for a basket of goods and services, used to track…

Answered: The nominal salary paid to the…

The nominal salary paid to the president of the United States and the consumer price index for that associated year (with 2000 base year) is provided for various years in the table below. Table 7-9

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Unemployment And Inflation

Section: Chapter Questions

Problem 3.7P

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Question

Answer fast with details explaintion.....

The nominal salary paid to the president of the United States and the consumer price
index for that associated year (with 2000 base year) is provided for various years in
the table below.
Table 7-9
Year
1920
1940
1960
1980
2000
Presidential salary CPI (2000 = 100)
$75,000
75,000
100,000
200,000
400,000
11.6
Approximately $668,850.
Approximately $925,926.
Approximately $750,000.
Less than $75,000.
8.1
17.2
47.9
100.0
Using the table above, suppose you were the president in 1940. How much would
your 1940 salary be worth in terms of 2000 prices? (Answers are rounded to the
nearest dollar)

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