Brief Principles of Macroeconomics...
Solutions
Brief Principles of Macroeconomics...
Henry Ford paid his workers $5 a day in 1914. If the CPI was 10 in 1914 and 237 in 2015, how much is the Ford paycheck worth in 2015 dollars?
Thecalculation of present worth of paycheck.
The present value of paycheck which was $5 in 1914 which is calculated as follows:
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