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Answer :
Final answer:
To calculate the real annual salary of U.S. senators for the year 2019 in 2005 constant prices, we need to adjust the nominal salary using the Consumer Price Index (CPI) values.
Explanation:
Calculating Real Annual Salary
To calculate the real annual salary of U.S. senators for the year 2019 in 2005 constant prices, we need to adjust the nominal salary using the Consumer Price Index (CPI) values.
First, we have the CPI for the base year 2005, which is 100.0. Then, we can use the CPI ratio formula:
Real Annual Salary = (Nominal Annual Salary * Base Year CPI) / Current Year CPI
Plugging in the values for 2019, we have:
Real Annual Salary = ($174,000 * 100.0) / 128.1 = $135,862.27
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