Suppose in the Year 2000 Ken Earned $60,000 Per Year

question 41

Multiple Choice

Suppose in the year 2000 Ken earned $60,000 per year.If the CPI in the year 2000 was 172.2 and in 2015 was 236.7,what is the minimum level of income Ken would have needed to earn in 2015 to have maintained the same standard of living he had in 2000?

• A)​$80,479
• B)$81,237
• C)$82,474
• D)$83,623

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Definitions:

Offer Expired

A situation where a proposal for a contract or agreement has reached its time limit without acceptance, rendering it void.

Communicating Acceptance

The process by which the party to whom an offer has been made notifies the offeror that they accept the terms of the offer.

Specified Means

A clearly defined method or procedure outlined for achieving a given end or goal.

Mailbox Rule

A legal principle that considers a contract offer accepted once the acceptance letter is dispatched, not when it is received by the offeror.