In 1982 , the California Minimum wage was $3.35.Suppose that a bartender in 1982 makes minimum wage plus $80 per night in tips,and that they work full time(8 hrs per day, 5 days per week, 50 weeks per year) Considering a standard inflation rate of 4.5% what was his annual salary in1982 , and what would an equivalent annual salary be in 2015 after adjusting for inflation?

asked by Preia

9 years ago

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1 answer

1982: (3.35*40+80)(50) = 10700
2015: 10700*1.045^(2015-1982) = 45732.12

answered by Steve

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In 1982 , the California Minimum wage was $3.35.Suppose that a bartender in 1982 makes minimum wage plus $80 per night in tips,and that they work full time(8 hrs per day, 5 days per week, 50 weeks per year) Considering a standard inflation rate of 4.5% what was his annual salary in1982 , and what would an equivalent annual salary be in 2015 after adjusting for inflation?

1 answer

1982: (3.35*40+80)(50) = 10700
2015: 10700*1.045^(2015-1982) = 45732.12

Steve · Answer

1982: (3.35*40+80)(50) = 10700 2015: 10700*1.045^(2015-1982) = 45732.12