The inflation rate in each of the two years

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Suppose that in 1960 Joe’s grandfather had a starting salary of $20,000 per year. In 2013 Joe graduated from college, got a job, and had a starting salary of $40,000. Which of the following is true?

You need to know the inflation rate in each of the two years to figure out who is better off.

Joe is worse off because there has been inflation since 1960.

You need to know the CPI value in each of the two years to figure out who is better off.

Joe is better off because his starting salary is higher.

Reference no: EM131076656

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