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Nat2105 [25]
3 years ago
12

A movie star was paid $1 million in 1960 to do a movie. The CPI was 29.3 in 1960 and the CPI in 2014 was 240. Approximately how

much did the movie star earn in 2014 dollars
Business
1 answer:
valentinak56 [21]3 years ago
5 0

Answer:

$8.19 million

Explanation:

A movie star was paid $1 million in 1960 to do a movie

The CPI was 29.3 in 1960

The CPI in 2014 was 240

Therefore the amount that was earned in dollars by the movie star in 2014 can be calculated as follows

= 240/29.3

= 8.19 × $1 million

= $8.19 million

Hence the movie star earned $8.19 million in 2014

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