Question: (could you explain it with step by step) In 1954, Canadian Prime Minister Louis Stephen St. Laurent was paid a salary of $15 0 Stephen

(could you explain it with step by step)

In 1954, Canadian Prime Minister Louis Stephen St. Laurent was paid a salary of $15 0 Stephen

Harper, the Prime Minister in 2012, was paid $157 731 The price index for 1954 is 14.1 and the price

index for 2012 is 121.7. Calculate Prime Minister St. Laurent's salary equivalent in 2012 dollars?

a)

( write down the appropriate formula used to calculate the 2012 dollars (2 marks);

b) show your calculations of St. Laurent's salary equivalent in 2012 dollars (8 marks for correct

calculation). If you get the answer right without your calculations, you will be given 3 marks)

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