Question

Can I get some help please with this. Question attached.

Answer 1

make a proportion...
1975 minimum wage was 2.20 with CPI being 53.8
2001 minimum wage = x with CPI being 177.1

2.20/53.8 = x/177.1 (2.20 to 53.8 = x to 177.1)
now cross multiply
(53.8)(x) = (2.20)(177.1)
53.8x = 389.62
now divide by 53.8 to get x by itself
x = 389.62/53.8
x = 7.24 <-- your answer

Any questions ?

Answer 2

That isn't correct though. How do you know the minimum wage?

Answer 3

its not correct ?

Answer 4

Not it says Suppose you needed 19,000 to maintain a particilar standard of living in 1977. How much would you have needed in 1998 to maintain the same standard of living? Assume that all prices have risen at the same rate as the CPI.

Answer 5

And then you use the chart attached to figure it out but I am confused.

Answer 6

:( @satellite73 :)

Answer 7

@whpalmer4 ....help

Answer 8

;/

Answer 9

@phi ...can you help

Answer 10

be patient...somebody will come

Answer 11

ahah :P hopefully

Answer 12

@zepdrix ...please help

Answer 13

Sigh

Answer 14

any ideas zepdrix ?

Answer 15

oh...zepdrix left

Answer 16

@satellite73 ....please help

Answer 17

@bahrom7893 .....please help

Answer 18

@nslesin ....I am sorry....I do not know what to say other then that :(

Answer 19

Crap :(

Answer 20

Me to the rescue!!!!!!!!!

Note that they are asking for the "1975 minimum wage" in the "2001 price". To do this, we do something similar to what @texaschic101 did except we divide the 1975 CPI by the 2001 CPI and then multiply it by the $2.2 minimum. This gives us the minimum wage in 1975 in the 2001 dollars:\[\bf x= $2.20 \times \frac{ 53.8 }{ 177.1 } \approx $0.668\]If you round it off to 2 decimal places then: \(\bf x = $0.67\).
This means that the minimum wage in 1975 was $0.67 approximately in 2001 dollars.

@nslesin

Answer 21

@nslesin Does this get you the right answer?

Answer 22

No :(

Answer 23

WHATTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT

Answer 24

You used the chart right?

Answer 25

Yes.

Answer 26

It's got to be one of those. How is it not right?

Answer 27

I have a new problem... it changed the problem when I got it wrong

Answer 28

Oh so you were never able to check the answer I gave? @nslesin

Answer 29

i was it was wrong and then it changed to a new question

Answer 30

Oh? Well for this problem the approach seems straight forward. Divide the CPI for 1998 by 1997 CPI then multiply by $19000:\[\bf New \ Cost=$19,000 \times \frac{ 163 }{ 60.6 } \approx $51,105.61\]

Answer 31

@nslesin Does it say something like: Round your answers off to 2 decimal places or something of the like? In the previous answer I rounded it off to 2 decimal places.

Answer 32

@nslesin Does it accept the answer this time?

Answer 33

Round to the nearest dollar.

Answer 34

i screwed up rounding :c

Answer 35

new question :) says round to nearest dollar :) u are super helpful though please keep helping :) heheeh

Answer 36

Wow this whole time you didn't tell us that the answers are supposed to be rounded off to the nearest dollar? =.= Anyway:

Same idea. Divide the 2003 CPI by the 1977 CPI and multiply by 21,000:\[\bf New \ Cost=$21,000 \times \frac{ 184 }{ 60.6 }=$63,762\]Rounded off to the nearest dollar :).

Answer 37

@nslesin Tell me if this answer is correct or not.

Answer 38

Yes you are amazing! thank you