Suppose the Cost-Of-Living Index Had Increased by 3% During Each

question 187

Short Answer

Suppose the cost-of-living index had increased by 3% during each of the past 6 yr and that a member of the EUW Union had been guaranteed an annual increase equal to 2% above the cost-of-living index over that period. What would be the present salary of a union member whose salary 6 yr ago was $21,000? Round your answer to the nearest cent.
$__________

---

Definitions:

Labor

The effort of humans, encompassing both mental and physical work, utilized in creating goods and services.

Effluent Fee

A charge levied on the quantity of pollution discharged into the environment, aiming to control environmental pollution.

Factors Of Production

The resources used in the creation of goods and services, typically categorized into land, labor, capital, and entrepreneurship.

Waste Water

Water that has been used and contaminated, requiring treatment before being released back into the environment.