After graduating from college in 2010, Art Major\'s starting salary is dollar 35

Question

After graduating from college in 2010, Art Major's starting salary is dollar 35757.00. Suppose Art Major has a cost of living adjustment (COLA) clause, i.e. an escalator clause in his labor contract so that he will be able to maintain this same level of purchasing power in real terms in 2011 and 2012. Using the information in the table below, how much will Art Major be earning in 2011 and 2012 if his salary keeps up with inflation? Round your answers to the nearest dollar. What is Art Major's salary in 2011? What is Art Major's salary in 2012?

Explanation / Answer

SALARY 2011 = $36,569.26

SALARY 2012 = $39,692.81

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