Bart had an income of $38,250 last year. If the inflation rate is 4.5%, what is his purchasing power?
To calculate Bart's purchasing power, we need to adjust his income for the inflation rate.
Step 1: Calculate the inflation adjustment.
Inflation adjustment = Income * Inflation rate
Inflation adjustment = $38,250 * 4.5% (convert the percentage to decimal)
Inflation adjustment = $38,250 * 0.045
Inflation adjustment = $1,723.125
Step 2: Subtract the inflation adjustment from the original income.
Purchasing power = Income - Inflation adjustment
Purchasing power = $38,250 - $1,723.125
Purchasing power = $36,526.875
Therefore, Bart's purchasing power after adjusting for inflation is $36,526.875.
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