Refer to the “Cost of Living Calculator” at the American Institute for Economic Research on the left-hand side of the bottom of the home page.

Let’s assume that a good-paying management job in 1956 paid about $12,000. For this problem take all dollar calculations out to the penny and all percentage calculations out two decimal places.

a. How much was this salary worth a half-century later in 2016?

b. Using your trusty financial calculator, what is the annual percentage growth rate during that 60-year period?

c. What is the total percentage growth over the entire 60 year period?