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Math Asked by a SnapAndSolve user · about 20 hours ago

For the three-part question that follows, provide your answer to each part in the given workspace. Identify...

34. For the three-part question that follows, provide your answer to each part in the given workspace. Identify each part with a coordinating response. Be sure to clearly label each part of your response as Part A, Part B, and Part C.
Part A: Jeremy's income is $35,000. His salary increases 4.5%, and inflation is 3.5%. How much does his purchasing power change?
Part B: Show your work to support your answer to Part A.
Part C: Explain how to calculate whether a family has lost or gained purchasing power.

Answer

  1. Part A: Jeremy's purchasing power increases by 1%.
  2. Part B:

    Initial income = $35,000
    Salary increase = 4.5% of $35,000 = $35,000 * 0.045 = $1,575
    New income = $35,000 + $1,575 = $36,575
    Inflation rate = 3.5%
    Inflation impact = 3.5% of $35,000 = $35,000 * 0.035 = $1,225
    Real income after inflation = $36,575 - $1,225 = $35,350
    Purchasing power change = ($35,350 - $35,000) / $35,000 * 100% = 1%

  3. Part C:

    To calculate whether a family has lost or gained purchasing power, compare the percentage increase in income to the inflation rate. If the income increase percentage is greater than the inflation rate, purchasing power has increased. If it is less, purchasing power has decreased.

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