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In 2000, an Executive Earned $100,000

question 54

Essay

In 2000, an executive earned $100,000. In 2009, the executive earned $125,000. The CPI in 2000 was 172.2, and the CPI in 2009 was 214.537. Using the CPI base, 1982-1984 = 100, what was the real income in 2000?


Definitions:

SRS

Simple Random Sample, a sampling method where each member of a population has an equal chance of being included in the sample.

Defective

Refers to a product or outcome that fails to meet the quality or performance standards set.

Estimate

A value or statistic calculated from sample data as an approximation of a population parameter.

Proportion

Proportion refers to the fraction or percentage of a total that is made up by a specific part or category.

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