4) In 1991, the Barenaked Ladies released their hit song “If I had a Million Dollars.” How much money would the group need in 2012 to have the same amount of real purchasing power in 2012? Note that the consumer price index in 1991 was 136.2 and in 2012 it was 230. Show your work for credit. While rooting through the attic you discover a box of old tax forms. You find that your grandmother made $75 working part-time during December 1964 when the CPI was 31.3. How much would you need to have earned in in January of 2013 to have at least as much real income as your grandmother did in 1964? To determine the CPI for January of 2013 you can visit the Bureau of Labor Statistic website (www.bls.gov). Show your work for credit.

4) In 1991, the Barenaked Ladies released their hit song “If I had a Million Dollars.” How much money would the group need in 2012 to have the same amount of real purchasing power in 2012? Note that the consumer price index in 1991 was 136.2 and in 2012 it was 230. Show your work for credit.

While rooting through the attic you discover a box of old tax forms. You find that your grandmother made $75 working part-time during December 1964 when the CPI was 31.3. How much would you need to have earned in in January of 2013 to have at least as much real income as your grandmother did in 1964? To determine the CPI for January of 2013 you can visit the Bureau of Labor Statistic website (www.bls.gov). Show your work for credit.

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