The average annual cost of living in Illinois, California, and Oregon are displayed in the table below: State Illinois California Oregon Average Annual Cost of Living $58,000 $70,000 $64,000 Suppose you are earning a salary of $80,000 per year in Oregon. Your employer asks you to transfer to the California office. Based on the average annual cost of living, what is the lowest possible salary you will accept? Round your answer to the nearest whole dollar. Explain your reasons.
The average annual cost of living in Illinois, California, and Oregon are displayed in the table below: State Illinois California Oregon Average Annual Cost of Living $58,000 $70,000 $64,000 Suppose you are earning a salary of $80,000 per year in Oregon. Your employer asks you to transfer to the California office. Based on the average annual cost of living, what is the lowest possible salary you will accept? Round your answer to the nearest whole dollar. Explain your reasons.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:The average annual cost of living in Illinois, California, and Oregon are displayed in
the table below:
Average Annual Cost of
Living
State
llinois
$58,000
California
$70,000
Oregon
$64,000
Suppose you are earning a salary of $80,000 per year in Oregon. Your employer asks
you to transfer to the California office. Based on the average annual cost of living,
what is the lowest possible salary you will accept? Round your answer to the nearest
whole dollar. Explain your reasons.
Expert Solution

Step 1
Given that the average cost of living in Illinois, California and Oregon is:
State | Average annual cost of living |
Illinois | |
California | |
Oregon |
The annual cost of living in Oregon city is $64,000. and the earning is $80,000 per year.
Hence percentage of annual cost of living from the total earning is given by
Hence the total percentage of cost of living is .
Therefore saving percentage is .
Hence there should be minimum for savings.
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