Question

You made $3000 on a part-time job last year. If you expect to make the same amount this year, and the inflation rate is three percent, what is your purchasing power?
Answer

$3000

$3090

$2910

$3100

Answer 1

With inflation at 3% (or 0.03), the purchasing power will be 0.97 (100-0.03) of the income:
$3,000 * .97 = $2,910.

Answer 2

I meant to say 1 - 0.03 = 0.97

Answer 3

thank you can you help me another one pls?

Answer 4

oh

Answer 5

I can try one more.

Answer 6

Which of the following salaries will have a purchasing power of $24,035 if the inflation rate is five percent?
Answer

$25,815

$27,523

$26,000

$25,300

Answer 7

Inflation = 5%
Purchasing power = 100 - 5 = 95% or 0.95 of the salary
Let x be the salary.
Purchasing power = 0.95x = 24,035
x = 24,035 / 0.95 = $25,300.

Answer 8

oh okay i get it now thanks.

Answer 9

you are welcome.