In 2015, president Donald Trump made the statement "it has not been easy for me. I started off in Brooklyn, my father gave me a small loan of a million dollars." Donald Trump obtained this "small loan" in 1968. In 1968, the consumer price index (CPI) was 34.8. As of May 2019, the CPI was 256.092. If that "small loan" was adjusted to May 2019 dollars, how much did Donald Trump get (in 2019's currency)?
In 2015, president Donald Trump made the statement "it has not been easy for me. I started off in Brooklyn, my father gave me a small loan of a million dollars." Donald Trump obtained this "small loan" in 1968. In 1968, the consumer price index (CPI) was 34.8. As of May 2019, the CPI was 256.092. If that "small loan" was adjusted to May 2019 dollars, how much did Donald Trump get (in 2019's currency)?
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 54P
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In 2015, president Donald Trump made the statement "it has not been easy for me. I started off in Brooklyn, my father gave me a small loan of a million dollars."
Donald Trump obtained this "small loan" in 1968. In 1968, the consumer price index (CPI) was 34.8. As of May 2019, the CPI was 256.092. If that "small loan" was adjusted to May 2019 dollars, how much did Donald Trump get (in 2019's currency)?
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