the following table shows the average starting salary for geologists for the given year.\n| year | 2005 |…

the following table shows the average starting salary for geologists for the given year.\n| year | 2005 | 2007 | 2009 | 2011 |\n|--|--|--|--|--| \n| salary | $68,900 | $82,100 | $83,700 | $93,000 |\nmake a bar graph of starting salaries for geologists.\nthe following table shows inflation over the given period.\n| time span | 2005 - 2011 | 2007 - 2011 | 2009 - 2011 |\n|--|--|--|--| \n| inflation | 15% | 8% | 5% |\ncalculate starting salaries for geologists in constant 2011 dollars.\n(give your answers as whole numbers.)\nsalary in 2005 in constant 2011 dollars: $79235\nsalary in 2007 in constant 2011 dollars: $\n\nsalary in 2009 in constant 2011 dollars: $

the following table shows the average starting salary for geologists for the given year.\n| year | 2005 | 2007 | 2009 | 2011 |\n|--|--|--|--|--| \n| salary | $68,900 | $82,100 | $83,700 | $93,000 |\nmake a bar graph of starting salaries for geologists.\nthe following table shows inflation over the given period.\n| time span | 2005 - 2011 | 2007 - 2011 | 2009 - 2011 |\n|--|--|--|--| \n| inflation | 15% | 8% | 5% |\ncalculate starting salaries for geologists in constant 2011 dollars.\n(give your answers as whole numbers.)\nsalary in 2005 in constant 2011 dollars: $79235\nsalary in 2007 in constant 2011 dollars: $\n\nsalary in 2009 in constant 2011 dollars: $

Answer

Explanation:

Step1: Recall inflation - adjustment formula

The formula to adjust a past - year salary $S_{past}$ to a future - year (constant) salary $S_{future}$ is $S_{future}=\frac{1 + r}{1}S_{past}$, where $r$ is the inflation rate over the period from the past year to the future year.

Step2: Calculate 2007 salary in 2011 dollars

The inflation rate from 2007 to 2011 is $8%$ or $r = 0.08$. The salary in 2007 is $S_{2007}=82100$. Using the formula $S_{2011 - adjusted}=\frac{1 + 0.08}{1}\times82100=1.08\times82100 = 88668$.

Step3: Calculate 2009 salary in 2011 dollars

The inflation rate from 2009 to 2011 is $5%$ or $r = 0.05$. The salary in 2009 is $S_{2009}=83700$. Using the formula $S_{2011 - adjusted}=\frac{1+0.05}{1}\times83700 = 1.05\times83700=87885$.

Answer:

salary in 2007 in constant 2011 dollars: $88668$ salary in 2009 in constant 2011 dollars: $87885$