In Year 1 the CPI Is 175,and in Year 2

question 24

Multiple Choice

In year 1 the CPI is 175,and in year 2 the CPI is 189.If Dennis's salary was $82,000 in year 1,what is the minimum salary he must earn in year 2 to "keep up with inflation"?

• A) $83,550
• B) $92,360
• C) $85,750
• D) $88,560

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Definitions:

Mean

The average value of a data set, calculated by summing all observations and dividing by the number of observations.

Median

The middle value in a dataset when the values are arranged in ascending or descending order, effectively splitting the dataset into two equal halves.

Unimodal

Describing a distribution with a single prominent peak or mode, indicating the most frequently occurring value.

StdDev

Another term for standard deviation, indicating how much individual data points deviate from the mean.