Iggie Took a University Teaching Job as an Assistant Professor

question 171

Multiple Choice

Iggie took a university teaching job as an assistant professor in 1974 at a salary of $10,000. By 2003, she had been promoted to full professor, with a salary of $50,000. If the price index was 50 in 1974 and 180 in 2003, then what is Iggie's 1974 salary in 2003 dollars?

• A)$2,777.78
• B)$18,000
• C)$26,000
• D)$36,000

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Definitions:

Outstanding Stock

The total number of shares of a corporation that have been issued and are held by shareholders, including restricted shares.