Ingrid takes a university teaching job as an assistant professor in 1974 at a salary of $10,000. By

Ingrid takes a university teaching job as an assistant professor in 1974 at a salary of $10,000. By 2014, she has been promoted to full professor, with a salary of $50,000. If the price index in 1974 is 50, and the price index in 2014 is 180, what is Ingrid’s 2014 salary in 1974 dollars?

 

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