(Answered) Your grandfathers salary was 10000 in 1967 and it was 40000

Economics

Your grandfather's salary was $10,000 in 1967 and it was $40,000 in 1997. Assume the price index for 1967 was 100 and the price index for 1997 was 420. Calculate the real income for your grandfather in 1997.

Select one:

a. $9,524

b. $9,375

c. $40,000

d. $42,000

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